Yerevan, Armenia, January 21, 2016—IFC,
a member of the World Bank Group, is providing a $50 million subordinated
loan to Ameriabank, the largest bank in Armenia, to support its capital
and boost its capacity to lend to local enterprises, expanding access to
finance and helping drive economic growth and job creation.
By providing long-term capital support, IFC
aims to increase the stability of Armenia’s banking sector and support
the strategic goals of Ameriabank, its valued partner. Considering the
quality of Ameriabank’s corporate governance, coupled with solid growth,
IFC’s subordinated loan will help the bank grow and prepare for an initial
public offering.
“We are delighted with IFC’s trust. This
transaction is a hallmark of quality for our bank operating in this market,”
said Andrew Mkrtchyan, Chairman of the Board of Directors at Ameriabank.
“We are confident this cooperation has many avenues to explore for the
benefit of our organizations and Armenia’s banking sector.”
Tomasz Telma, IFC Director for Europe and
Central Asia, said: “By providing capital support to one of our key partner
banks in Armenia, we endorse its growth strategy and future plans. This
cooperation is part of our efforts to increase the stability of Armenia’s
banking sector, which is critical for broader economic development.”
Armenia became an IFC member in 1995. Since
then, IFC’s long-term investment commitments have totaled $340 million,
including $22.8 million mobilized from other lenders, financing 47 projects
across a range of sectors, including financial markets, manufacturing,
agribusiness, services, and mining. IFC has also supported trade transactions
worth more than $122 million through its trade finance program, and implemented
advisory projects focused on private sector development.
About IFC
IFC, a member of the World Bank Group, is
the largest global development institution focused on the private sector
in emerging markets. Working with more than 2,000 businesses worldwide,
we use our capital, expertise, and influence, to create opportunity where
it’s needed most. In FY15, our long-term investments in developing countries
rose to nearly $18 billion, helping the private sector play an essential
role in the global effort to end extreme poverty and boost shared prosperity.
For more information, visit www.ifc.org.
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About Ameriabank
As an absolute leader in the market by assets,
loans, liabilities and deposits, Ameriabank provides full-fledged solutions
in corporate, retail and investment banking. Having multiple excellency
awards by Euromoney (2014, 2012, 2011), Global Finance (2015, 2012, 201
3), The Banker/FT (2015, 2013, 2010), Ameriabank is committed to invest
in cutting-edge technologies and unparalleled customer service. For more
details, please visit www.ameriabank.am
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