ProCredit Bank in Armenia marks first year of its
activities
05-02-2009 18:00:00 | Armenia | Economy
YEREVAN, FEBRUARY 5, NOYAN TAPAN. ProCredit Bank in Armenia
marked the first year of its activities on February 5. Since
February of last year, the number of its customers has increased
to more than 4,000, including users of savings services. Its
credit portfolio amounts to 24 million USD. Small credits of up
to 10 thousand USD make up 90% of the business credit portfolio.
According to the bank's report, the total amount of sums
attracted from customers in the past 12 months made 9.3 mln USD,
while the total number of bank accounts of customers has reached
6.7 thousand. Most of the money of customers has been attracted
in savings and deposit accounts, 80% of which are small sums of
less than 1,000 USD.
In 2008 the bank opened 5 new branches: 4 in Yerevan and
one in Vanadzor. Another 7 branches will open this year.
The activities of ProCredit Bank in Armenia with 100%
foreign capital are aimed at crediting small and medium
entrepreneurship. The bank is a member of ProCredit group
composed of 22 financial structures in Eastern Europe, Africa
and Latin America. Their activities are managed and controlled
by ProCredit Holding AG in Frankfort (Germany). The founders of
ProCredit Bank in Armenia are ProCredit Holding (67.49% share),
KfW Bank (15.84%) and the EBRD (16.67%).