ACBA-CREDIT AGRICOLE BANK is revising its lending policy, CEO says
"For two years we refrained from providing large loans in order to clean and improve our loan portfolio. It was unique for the local banking system; we took that step because of being guided by the principles of responsible business," - he is quoted as saying in a bank’s press release.
On the other hand, Andreasyan said, the package of planned reforms unveiled during recent meetings with representatives of government and international organizations is really impressive.
"With this in mind, the bank's Board discussed and decided that from now on we are ready to provide relatively large loans to finance interesting and promising projects", - he stressed.
"We expect to see soon significant changes in the investment field. Therefore, we are taking the first response move with the aim to participate in the reform process," - Andreasyan said.
Thus, ACBA-CREDIT AGRICOLE BANK invites all interested parties, interested in the implementation of promising projects, to cooperate. According to Andreasyan, interest rates and terms will depend primarily on the financial evaluation of projects and their multiplier effect.
As another tool to reduce interest rates the bank is going to consider the possibility of ‘package cooperation’- apart from provision of loan the bank will offer a wide range of related banking products.
The meeting was attended by the governor of Lori province Arthur Nalbandyan, as well as representatives of regional and community authorities.
ACBA was established in 1996 as part of EU’s TACIS program. As a result of a long-term and mutually beneficial cooperation between ACBA Bank and the French Credit Agricole the latter became the biggest shareholder of ACBA in 2006, September. ACBA was restructured, becoming a closed joint stock company and was renamed ACBA CREDIT AGRICOLE BANK. -0-