EBRD assigns confirming bank status to Armenian Araratbank

YEREVAN, June 14. /ARKA /. As part of its Trade Facilitation Program the European Bank for Reconstruction and Development (EBRD) has assigned the status of the confirming bank to Armenian Araratbank. A corresponding agreement was signed on Friday at the annual meeting of the bank’s shareholders.

Confirming bank is usually a first-class bank, assuming the obligation to make payment of amounts specified in the letter of credit regardless of whether the specified amount arrived or not.

“Under the agreement, Araratbank is becoming the confirming bank as part of Trade Facilitation Program. This means that the bank will be able to confirm letters of credit or guarantees issued by foreign banks, and thereby promote Armenian exports”, head of EBRD Yerevan Office, Valeriu Razlog, said. According to him, the signing of this agreement indicates an increase in EBRD’s confidence in Araratbank.

Araratbank CEO, Ashot Osipyan said last year the bank made $7.8 million worth transactions with letters of credit.

“For us it is a very significant event that we have joined the family of confirming banks on a par with the world’s leading banks such as Raiffeisen Bank, Deutsche Bank and others”, he added.

The first bank in Armenia, assigned this status by EBRD as part of its Trade Facilitation Program was Ameriabank in May 2013.

Some 74.18% of the bank is owned Barsegh Beglaryan, the owner of the biggest oil trader Flash and 25% by the European Bank for Reconstruction and Development (EBRD). In 2009 January the bank joined NASDAQ OMX Armenia stock exchange. ($ 1 – 411.64 drams). -0 –

spot_img

POPULAR

Chairman of Central Bank: Interest rates on loans for bona fide SMEs may decrease by 1-1.5%

The Central Bank of Armenia has initiated a program to support small and medium-sized businesses, under which interest rates on loans for companies with good credit and tax histories may be reduced by 1-1.5%, stated Central Bank Chairman Martin Galstyan.

Armenia Shows Significant Progress in Using More Complex Financial Instruments – EBRD

Armenia is demonstrating significant progress and growing readiness to use more complex financial instruments, said Elisabetta Falcetti, the bank's Executive Director for Turkey and the Caucasus, in an interview with ARKA news agency.

Assets of Armenian credit institutions increased by 11.87% to 882.4 billion drams in the first quarter of 2026

The total assets of Armenia's credit institutions as of March 31, 2026, amounted to 882.4 billion drams, an increase of 11.87% compared to March 31, 2025. This is evidenced by the consolidated financial report of the country's credit institutions.

Capital of Armenian credit institutions increased by 9.76% in the first quarter of 2026, exceeding 458 billion drams

The total capital of Armenian credit institutions in the first quarter of 2026 amounted to 458.03 billion drams, an increase of 9.76% compared to the first quarter of 2025.

Central Bank of Armenia is discussing the creation of a guarantee fund for small business lending with the Ministry of Economy and the World...

The Central Bank of Armenia, together with the Ministry of Economy and partners from the World Bank, is discussing a mechanism for providing partial guarantees for small and micro businesses through a special guarantee fund.

LATEST NEWS

spot_imgspot_imgspot_img