Ardshinbank has signed a USD 35 million one-year Club Trade Finance Facility arranged by Citi with Asian Development Bank (ADB).

The bank noted that this is the second Club deal between Ardshinbank, Citi and ADB, which indicates the success of previous loan and matured partnership.

“Proceeds of this facility will strengthen the ability of Ardshinbank to provide trade financing to support entrepreneurs in Armenia and increase their access to international trade,” the statement reads.  

“We are proud to have built such a successful relationship with Citi and ADB, Ardshinbank’s long standing partners. This facility will help Ardshinbank to further strengthen its leading position in the supporting of international trade finance projects,” Ardshinbank’s Chief Executive Officer Artak Ananyan said.

“The funding is very important not only for Ardshinbank, but also for our clients in various sectors of the economy, boosting job-creation and long lasting benefits for them,” he added.

“By delivering this trade finance facility to one of the leading financial institutions in Armenia, Citi has underlined its commitment to support growth in key developing markets. We are proud of our long standing relationship with Ardshinbank CJSC and the Armenian banking sector as a whole,” said Chafic Haddad, EMEA Head of Financial Institutions and Correspondent Banking, Treasury and Trade Solutions at Citi.
 
“ADB is delighted to be part of this transaction with Ardshinbank and Citi. Through this facility, Ardshinbank will be able to grow its trade finance operations to support more importing and exporting companies, including small and medium-sized businesses. This will support growth and job creation in Armenia,” Relationship Manager at ADB Nana Khurodze said.

ADB’s TFP in Armenia has supported over USD170.56 million in trade through 601 transactions since 2012, 45% of which have been SME-related deals.
 
“Ardshinbank is a leading Armenian bank with a wide sales network comprising of 63 branches. It offers a broad range of services to corporations, SMEs, and individuals. It is the only private entity in Armenia that has issued euro bonds in international capital markets and has assigned ratings from two international major rating agencies (Moody’s and Fitch) equal to the rating of sovereign. The Banker, a publication owned by the Financial Times Group, named Ardshinbank as “Bank of the Year in Armenia for 2018’’.

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments, and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 67 members—48 from the region.

The Trade Finance Program (TFP), backed by ADB’s AAA credit rating, provides guarantees and loans to over 200 partner banks to support trade, enabling more companies throughout Asia to engage in import and export activities. With dedicated trade finance specialists and a 24-hour response time, the program has established itself as a key partner in the international trade community, providing fast, reliable, and responsive support to fill gaps in the region’s most challenging markets. Since 2009, TFP has supported more than 15,400 small and medium-sized businesses across developing Asia—through over 21,000 transactions valued at over USD36 billion—in sectors ranging from commodities and capital goods, to medical supplies and consumer goods.

For more information, visit the TFP website: http://www.adb.org/tfp,” the statement reads.