Areximbank-Gazprombank Group to increase credit portfolio to SMEs

PanARMENIAN.Net - A contract on participation in World Bank’s program in small and medium enterprises lending was signed between the Central Bank of Armenia and Areximbank-Gazprombank Group CJSC on August 30.

Areximbank-Gazprombank Group CJSC considers fostering SME one of its long-term directions, according to bank’s press service.

Recently the bank has considerably increased volumes of small and medium enterprises lending in the framework of CBA refinancing and, according to 2010 data, was among the top three in SME lending in the banking system, tightly partnering with international financing organizations in the field. The bank is also a participant in a KfW mortgage lending program and IFAD’s Rural Areas Economic Development project.

In the first six months of 2011, Areximbank-Gazprombank Group CJSC has already ensured 30% credit portfolio growth of AMD 63 billion, with assets increasing by 20% to total AMD 80.5 billion.