Corporate Intl Magazine recognizes Ameriabank as leader on factoring in Armenia

YEREVAN, January 29. /ARKA/. Corporate Intl Magazine has recognized Ameriabank as the best in offering factoring services in Armenia in 2013, the banks press office reported.

Factoring transactions by Ameriabank were 47.3% of the entire market as of the end of 2013, according to the report.

The 2013 results show the bank recorded substantial growth of factoring transactions both in Armenian and global factoring markets, says the report. The bank became a member of a major international factoring union, Factors Chain International, a year ago. The membership in the union enables the bank’s clients getting new partners in about 80 countries, according to the report.

Domestic market transactions account for 77% and international transactions for 23% of factoring by Ameriabank.

Liabilities assigned to Ameriabank under terms of factoring amounted to a total of about 12.5 billion drams as of the end of 2013, a 41% increase against the year before.

In the period, 58% of Ameribank’s factoring was no regress operations and 42% were transactions with regress; the growth compared to the year before was 2.1 times and 6.5% respectively.

In 2013 significant increase rates were recorded in classical no regress operations. Financing of classical factoring by the bank rose 27% compared to the year before.

The bank is cooperating with wholesale networks, major industry and construction companies, textile industry and others in offering factoring services, says the report.

Ameriabank closed joint stock company is a universal bank offering investment, corporate and retail banking services in a complex solution package. Ameriabank has been the first investment bank in Armenia.  It has been providing a wide range of innovative banking services since 2007. –0--