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Ameribank first Armenian bank to receive status of EBRD confirming bank- partner.

Yerevan. For the first time in Armenia, European Bank for Reconstruction and Development (EBRD) has awarded an

Armenian bank with a status of a confirming bank as part of the Trade Finance Project. The status was awarded to Ameriabank,

following a relevant contract signed in Istanbul on May 9 as part of TFP, the press-service of Ameriabank reports.

"The status is of big importance for development of trade finance in the region. This will boost exports and make export letter

of credit, confirmation and bank guarantee service more accessible for exports. The status of confirming bank is an achievement, as

Ameribank has been included in the list of EBRD confirming banks. This fact once again confirms the high status of Ameriabank as a

reliable and recognized business partner in the international arena," says Suren Kocharyan, Head of the Trade Finance Department of

Ameribank.

In late November 2012 Ameriabank introduced a new service - acceptance of letters of credit (an advising bank), the bank's

press-service told ArmInfo. The first contract unique for the Armenian banking system had been signed later connecting a foreign bank

with an Armenian company. Introduction of this service will give more opportunities to Armenian companies to find new export

markets. The new banking service enables Ameriabank to boost cooperation with big foreign banks to attract more trade finance

customers. For this purpose, Ameriabank has already introduced a service of issue of letters of credit.

To recall, Ameriabank CJSC is a universal bank providing investment, corporate and retail banking services in a full package

of bank services. The majority shareholder of the bank is America Group (since Nov 2011) with 99.99% shares.

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Publication:ArmInfo - Business Bulletin
Date:May 18, 2013
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