YEREVAN, March 25. /ARKA/. ArmSwissbank will start providing pre-export financing, which is a new instrument introduced by Export Insurance Agency of Armenia.
An appropriate cooperation memorandum was signed Thursday by Gevorg Machanyan, executive director of ArmSwissbank, and Vazgen Abgaryan, executive director of Export Insurance Agency of Armenia.
The document implies financing of guarantees for insurance policies issued by the Export Insurance Agency in pre-export process as well as in the event of adjourned payments.
Machanyan said that although the memorandum was signed today, this is already one year the bank is cooperating with the agency.
ArmSwissbank was the first among Armenian banks in the second half of 2015 to start financing transactions with the agency’s guaranteed police. More than 30 export transactions worth $1 million were financed by the bank since then.
Manachyan said interest rates on the financing range between 8 and 14%, depending on currencies and terms. In his words, amounts of the financing are not restricted.
ArmSwissbank intensively cooperates with many international financial organizations, including the European Bank for Reconstruction and Development, the Asian Development Bank and FCI primary factoring global network.
The bank offers a number of risk-suppressing and exporter-financing services.
ArmSwissBank was registered on November 22, 2004 with 100% Swiss capital, and on February 25, 2005, it got its license from the Central Bank of Armenia. Vardan Sirmakes, a Swiss businessman of Armenian descent and the sole owner of Franck Muller Watchland holds 80% of the bank’s stocks, and the remaining 20% belong to Belegingsmachepij Jongo” LLC.
The bank provides corporate, investments and individual banking services.
In 2007, the bank became a member of NASDAQ OMX Armenia stock exchange.
ArmSwissbank’s assets totaled AMD 85.4 billion in 2015 and liabilities AMD 67.1 billion. Its total capital amounted to AMD 18.3 billion, authorized capital AMD 10.1 billion and loan portfolio AMD 37.6 billion. Its net profit for 2015 amounted to AMD 1.95 billion. ($1 – AMD 480.73). —0—–
