YEREVAN, May 5. / ARKA /. Ameriabank said today its assigned receivables for factoring transactions in the first quarter of 2014 increased by 182% from the same period last year to about 4.6 billion drams.
According to a bank’s press release, Ameriabank joined last year the largest international factoring union - Factors Chain International- which was instrumental for its clients to expand their business opportunities by attracting new partners from around 80 countries of the world and enter new markets.
"This membership has provided the bank with an opportunity to significantly expand the range of international factoring services. As a result we saw our international factoring transactions increase nine-fold in 12 months”, the press release says.
As of March 31, this year some 61% of the bank's factoring transactions were international transactions and 39% were local transactions.
‘International factoring transactions are completely foreign transactions, indicating that Ameriabank uses this financing instrument to contribute significantly to the growth of exports and sale of Armenian products at international markets,’ it says.
The press release cites from the latest report of the Factors Chain International which says that in 2013 factoring transactions increased by 10% compared with the previous year, breaking the threshold of $3 trillion.
"This suggests an increasing demand of companies for factoring transactions, which are perceived as a more effective financing tool allowing a deferred payment and replenishment of traded funds ", the press release says.
“Although factoring services offered by Ameriabank are sufficiently flexible, the bank however uses the wealth of international experience to provide its clients with customized and innovative proposals,’ it says.
Ameriabank’s assets in the first quarter of 2014 increased by 8% to 339 billion drams while its total liabilities increased by almost 9 % to 300 billion drams. Its lending saw a 2.5% rise. The loan portfolio amounted to 181 billion drams with lending to small and medium-sized businesses growing by 9% to 36 billion drams and consumer loans growing by 24%.
Ameriabank is a universal bank providing investment, corporate and retail banking services in the from of an integrated package of banking solutions. ($1 – 413.59 drams). -0-