Areximbank-Gazprombank (GPB) Group looks to focus on SME finance in the current year, as a promising sector, the press-office of the Bank told ArmInfo.
"Previously Areximbank was among the top three banks in terms of SME finance under the refinancing program of Armenia's Central Bank. Areximbank's strategic development program for 2017 among others provides for an increase in the SME finance. We are going to lend about 1 billion drams to the sector by the end of the year," the Bank's press-office says.
The Bank will be financing SME on its own resources and the funds that were raised from international financial organizations. For the time being, Areximbank offers loans on quite attractive terms: up to 50 million drams, at 14% annual interest and maturity of 7 year, the source reports.
According to the Financial Rating of Armenian Banks prepared by ArmInfo, as of Jan 1 2015, Areximbank-GPB Group spent 6.1 billion drams for SME finance a 11.3% growth year over year. The share of SME in the loan portfolio of the bank exceeds 8%.
To recall, Gazprombank JSC is among top three largest banks in Russia and is the sole shareholder of Armenia's Areximbank.