Sunday, January 31 2016 17:49

 ACBA-CREDIT AGRICOLE BANK and Oxford Microfinance Initiative (OMI) consulting company are initiating a joint project related to the Armenian agricultural sphere, according to the Bank's press-office.

The aim of the project is to develop a strategy, which will make the further development of the lending procedures of the most important sphere of the economy-agriculture, more effective and easy. The data gathered by ACBA-CREDIT AGRICOLE BANK during the years about the agricultural sector will serve as a base for developing the strategy.
Oxford Microfinance Initiative is an organization including Oxford University students and professors, which has done many projects like this in different countries giving the students an opportunity to become familiar with the real business procedures.

According to ArmInfo's Financial Rating of Armenian Banks, ACBA-Credit Agricole Bank is the irreplaceable leader in the financing of the agricultural sector - 82.5bln drams ($174.2mln) as of October 1 2015.  Agricultural loans in the Bank's loan book account for 38%. The Bank accounts for more than 52% of the total agricultural finance by the banking system of Armenia that totaled 157.5mln drams ($332.4mln) on October 1, 2015.   Agricultural finance by the banking system of Armenia increased by 22.2% year on year, with ACBA-Credit Agricole Bank increased in portfolio of agricultural loans by 30.1% (26% for 9 months of 2015).  

To note that the "ACBA-Credit Agricole Bank" is functioning in Armenia since 1995, initially under the name Cooperative Agricultural Bank. Since September 2006, Credit Agricole SA of the largest European banking group becomes the majority shareholder of the bank with the share of equity of 15.56%, followed by the largest participation of SJSC "Sacam International" corporation (member of Credit Agricole SA) - 12,44%, in addition to which there are 10 Unions of Farmer's Assistance (UFA) participating in the capital.  Coverage of the branch network and the number of regional branches of the bank takes the second position - 56 units, most of which are located in the regions (41 branches) ensuring the presence in all regions of Armenia, without exception.