YEREVAN, April 25./ARKA/. Areximbank-Gazprombank Group customers can now use ESCROW to process their transactions, the bank reported to ARKA on Thursday.
“ESCROW account is a unique tool for reducing risks of commercial transactions made by the clients. If a client sells/buys movable/immovable property or offers some service but doesn’t fully trust his partner (no seller/buyer trust), the parties and the bank sign a three-party contract that obliges the bank to be a guarantor of the deal,” according to the source.
ESCROW is the best option to establish trust between business partners as the payment can be made only after the contract commitments are fulfilled.
Areximbank-Gazprombank Group was established in 1998 for supporting entrepreneurship and serving financial flows between Russia and Armenia. Russia’s Gazprombank has been the sole owner of the bank since 2007. The bank has successfully passed ISO 9001: 2008 certification on compliance with international requirements. The bank has 16 branches, including those in 9 regions of Armenia. Seven branches are located in Armenia’s capital Yerevan. —0-
