Thursday, June 26 2014

ACBA-Credit Agricole Bank has
launched an ACBA Business Partner Loan+ service. The press service of the Bank
has told ArmInfo that this service is for the legal entities, which have
business loans in other banks and credit companies but at the same time need
new funds without spending additional time.

 

The source says that the new product has the following
key advantages: the Bank conducts no financial or economic analysis of the
enterprise to make a decision to issue a loan; the Bank makes the decision to
issue the loan within an hour after the application is submitted; in case of
the annuity method of loan repayment, the Bank provides the borrower with extra
loan funds; the issue of the loan needs minimum documents; the borrowers are
not required to spend money on property appraisal and insurance. The Loan+ is
provided for 12-72 months at an interest rate starting from 8% p.a. The loan is
provided in AMD, USD and EUR. In case of a collateral, the maximum amount of
the loan is 14 mln AMD, $35 thsd or 28 thsd EUR.  The maximum amount of an unsecured loan is 3 mln AMD, $7.5 thsd
or 6 thsd EUR. The legal entities, which apply to ACBA-Credit Agricole Bank
before 10 August 2014 and open a current account at the Bank, will get an
opportunity to make use of the ACBA ON-LINE system free of charge for a year,
to receive a free Visa Business Card and to use it without paying any fee for
the card servicing for a year; to receive an additional free Visa Business
card; to receive a loan or a credit line for import/export stimulation at 8.99%
p.a.

 

To note, two more banks offer a similar product in the
market of financial services, namely, Ameriabank and INECOBANK, however, they
provide it to SME borrowers only, unlike ACBA-Credit Agricole Bank.  Ameriabank does it within the frames of the
Boomerang campaign, and INECOBANK - within the frames of the Easy Loans
campaign.

 

According to the data of the Financial Rating of
Armenian Banks prepared by ArmInfo, by the results of the 1Q 2014, ACBA-Credit
Agricole Bank was the second at the banking market of Armenia by the size of
credit portfolio. It increased the given indicator by 7,5% versus  1Q 2013 - up to 191.5 billion AMD. In
general, the bank directed 70.8 billion AMD credits in the economy or 37% out
of the credit portfolio of the bank. As of 1 April 2014, the total capital of
ACBA-Credit Agricole amounted to 53 billion AMD, by 4,5% more versus 1 April
2013. The bank is the leader on this position. As for the assets, the bank is
in the TOP-5. It ensured growth by 4,6% - up to 264,6 billion AMD. According to
the results of 2013, net profit of the bank amounted to 5.1 billion AMD, by
24,4% versus 2012.

 

To recall, "ACBA-CREDIT AGRICOLE BANK" CJSC
was founded in 1996 within the framework of the European Union’s TACIS program
by the model of European cooperative banks. Initially, activity of the bank was
targeted to financing rural economies of Armenia. Since 1999 the bank has
started providing loans to small and medium enterprises, since 2001 - consumer
loans and since 2003 - education loans.

 

At present the bank provides varied universal banking
services:  opening and service of
banking accounts, funds transfer, issuance of personal check books, currency
exchange, issuance of bank guarantees, documentary credits, trade,
agricultural, collateral, mortgage, consumer loans, as well as loans for
education, repairs and heating, issuance and service of VISA international
plastic cards and domestic ArCA, reception of household running costs, system
management via ACBA ON-Line. In September 2006 the French Credit Agricole
Banking Group purchased 28% shares of the Agricultural Cooperative Bank of
Armenia [ACBA Bank], and the ACBA Bank was renamed to ACBA Credit Agricole
Bank. The bank has 50 branches (including the Head office):  12 - in Yerevan, the rest in the 10 marzes
of Armenia.