ACBA-Credit Agricole Bank and Export Insurance Agency of Armenia (EIA) sign memorandum of cooperation based on which the bank will finance the enterprises exporting products via insurance declarations issued by the EIA (in case of export on condition of payment delay), the press-service of the bank informs.
CEO of AGBA-Credit Agricole Bank Hakob Andreasyan emphasized that the export insurance gives the bank an opportunity to finance export oriented enterprises on more simplified mechanism (export factoring) and this instrument of financing will allow minimizing the risks of both the bank and the exporter enterprise.
In his turn Executive Director of Export Insurance Agency of Armenia Vazgen Abgaryan stated that signing of memorandum will give new impetus to raising of awareness about the agency's services among the numerous clients of the ACBA-Credit Agricole, especially in the regions of Armenia. "I am sure that as a result of joint work with the bank new product will contribute to increasing of competitiveness of Armenian exporters, growth of production scales and enter new sale markets", he added.
To recall, "ACBA-Credit Agricole Bank" CJSC has been operating in Armenia since 1995. Since September 2006, the majority shareholders of the Bank have been Credit Agricole S.A. (15.56%) and SJSC "Sacam International" (part of Credit Agricole S.A - 12.44%). Along with them, 10 agricultural cooperative unions hold shares in the capital of ACBA- Credit Agricole Bank. By the coverage of the branch network and the number of regional branches, the Bank holds the second position. According to the key balance sheet figures, ACBA-Credit Agricole Bank is in the TOP-5.
To note, Export Insurance Agency of Armenia Insurance CJSC was founded on October 23th, 2013 by the decision of the Government of the Republic of Armenia within the framework of the export-oriented industrial policy. The Company provides insurance against the financial losses incurred as a result of non-payment for supplied goods by the Foreign Buyer or its Bank, which has a payment obligation under the Contract. -l-