Yerevan /Mediamax/. “Norvik” Universal Credit Organization is summing up the results of its two-year activity in Armenia##.

As the Executive Director of “Norvik” UCO Tigran Bostanjyan stated in an interview to Mediamax, the deposit of the organization’s intensive growth in the mentioned period was the staff’s professional work and the constant funding by the shareholder - Latvian-Icelandic “Norvik Bank” JSC.

According to Bostanjyan, the Armenian market has great potential, which “opens doors for new investments and opportunity for growth”. In particular, in the two-year period of activity, the assets of “Norvik” UCO reached 18bln drams, of which 97% represented credit investments. Today the total capital of the credit organization makes 2,3bln drams.

In the accounting period, “Norvik” served about 25 000 borrowers, today the customer base of the organization makes 22 000 borrowers, of which 95% use the consumer crediting services. According to Bostanjyan’s assessment, the company reached such index in many respects due to the rich experience of “Norvik Bank” JSC in consumer crediting.

Starting from 2008, the service of consumer crediting on the spot in on-line mode was implemented in a number of trade objects in Yerevan. And starting from July of 2008, the customers of “Norvik” gained the opportunity to realize credit payments by means of TelCell payment system and “Tandem” terminals.

The organization registers growing interest for products of mortgage and business crediting and continues talks with foreign and local financial structures on provision of syndicated business-credits.

Touching upon the plans on establishing the branch of “Norvik Bank” JSC in Armenia, Bostanjyan informed that they are delayed till the end of the next year.

“Norvik” was established in February of 2006 by Latvian-Icelandic “Norvik Bank” JSC. In early July of the same year, the Company gained a license and was registered as “Norvik” Universal Credit Organization.