ProCredit bank of Armenia opens new branch

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06.08.2009, 03:16

ProCredit Bank of Armenia opened a new branch in Nor Nork community of Yerevan, as part of its branch network expansion program. The address of the new branch is Gay Avenue 17/1, marketing and public relations department of the bank reported.

YEREVAN, August 5. /ARKA/. ProCredit Bank of Armenia opened a new branch in Nor Nork community of Yerevan, as part of its branch network expansion program. The address of the new branch is Gay Avenue 17/1, marketing and public relations department of the bank reported.

“Opening of “Nor Nork” branch is a step forward to the stable development of ProCredit Bank,” says the press release. “Nor Nork”, the sixth branch of the bank, was officially registered by the Central Bank of Armenia on July 18 2009.

“Nor Nork” branch is one of our most beautiful and largest branches and we think that the community people will be satisfied both with the products’ quality and with the warm atmosphere of the customer service,” said Ashot Abrahamyan, Deputy Executive Director of ProCredit Bank.

The bank is planning to ensure its presence in all communities of Yerevan and in Armenian regions within the next few years and become a reliable banking partner, Abrahamyan said.

ProCredit Bank closed joint stock company launched its activities in Armenia on February 5 2008. ProCredit Bank is a full-service bank with a 100% foreign capital, focused on lending to small and medium sized enterprises and offering a full scale of banking services to private individuals and legal entities. Another important area of ProCredit Bank’s focus is to promote savings culture among the population, by starting even from small amounts. ProCredit Bank in Armenia is a member of ProCredit Group, consisting of 22 financial institutions operating in Eastern Europe, Africa and Latin America, which are governed by ProCredit Holding AG located in Frankfurt am Main, Germany.

Founders of ProCredit Bank are ProCredit Holding AG (67.49% shares), KfW (15.84%) and EBRD (16.67%). Since February 2008 the Bank is serving more than 6600 clients including deposit clients. The bank has an outstanding loan portfolio of about USD 24.5 million and deposit portfolio of around USD 13.5 million. The headoffice of ProCredit Bank is in Yerevan. N.V. –0—