YEREVAN, July 3. /ARKA/. ACBA-CREDIT AGRICOLE BANK said today that from August 1 it will cooperate with all individual customers, who had bad consumer or agricultural loans at the bank as of May 31, 2018. The Yerevan-based bank said in a press release that it will zero all accumulated fines and penalties on these loans.
The bank asked all these borrowers to visit a branch of the bank to conclude reconciliation or on-lending contracts. Under these contracts the bank will cede the penalties and fines accumulated in the past, and while the borrowers will have to pay the principal amount of the loan in accordance with the procedure and new repayment schedule to be set by the new contract. The bank added that on-lending contracts will be concluded for a period of up to four years.
On June 21 the Armenian parliament adopted amendments to the Tax Code in the second and final reading, allowing banks to “forgive” citizens fines and penalties for delinquencies in unpaid loans.
ACBA was established in 1996 as part of EU’s TACIS program. As a result of a long-term and mutually beneficial cooperation between ACBA Bank and the French Credit Agricole the latter became the biggest shareholder of ACBA in 2006, September. ACBA was restructured, becoming a closed joint stock company and was renamed ACBA CREDIT AGRICOLE BANK. ($ 1 – 482.49 drams). -0–
