ProCredit Bank total customer funds grew by USD 9.3 million

PanARMENIAN.Net - ProCredit Bank is celebrating its first anniversary in Armenia together with clients On February 5, 2009.



The first year was a successful one for ProCredit Bank in Armenia. During 2008 five new branches opened their doors to customers, four in Yerevan and one in Vanadzor city. Today, the ProCredit team in Armenia comprises more than 200 young and talented individuals who dedicate their efforts to delivering best service to our clients.



The bank's gross loan portfolio grew to USD 24 million. 90% of loans in the business loan portfolio were for amounts less than USD 10,000. This figure demonstrates the bank's clear commitment to serving small entrepreneurs as its core target group.



During the last twelve months the bank's total customer funds grew by USD 9.3 million and the total number of customer accounts reached 6,700. The majority of the customer funds are placed on savings and term deposit accounts, 80% of which are for amounts less than USD 1,000. Such a large number of small savings demonstrate the bank's focus on becoming the bank for "ordinary people" who will have access to fair and transparent banking services.



In the future, ProCredit Bank in Armenia will remain focused on lending to very small, small, and medium sized businesses, as the bank is convinced that these businesses create the largest number of jobs and make a sizeable contribution to the economy of Armenia. ProCredit Bank will also continue encouraging a savings culture in Armenia, as the bank believes that savings add stability to households in the long term. To serve as many clients as possible, in 2009 up to seven new branches will be opened throughout Armenia which will allow ProCredit Bank to increase its outreach in Yerevan and in the country's regions.



"ProCredit Banks around the world have become one of the leading banks in terms of financing very small, small, and medium enterprises as well as reliable partners for private individuals, and ProCredit Bank in Armenia has also set course on reaching this goal. We will continue offering our clients simple, easy-to-understand products, complimented by our high quality service," said Bertolt Hertzfeldt, executive director of ProCredit Bank.