European Bank for Reconstruction and Development (EBRD) granted ArmSwissBank a status of confirming bank within “Trade Financing Program”.

Head of EBRD Yerevan Office Mark Davis and ArmSwissBank Executive Director Gevorg Machanyan signed the agreement today.

“Relying on its new status ArmSwissBank will confirm the letters of credits and guarantees issued by foreign banks making the use of trade financing tools more accessible for importers”, said ArmSwissBank Executive Director Gevorg Machanyan.

“Based on the agreement EBRD entrusts ArmSwissBank some of its functions. We started cooperating back in 2010 and we still continue”, stated Head of EBRD Yerevan Office Mark Davis. He also stressed the importance of the active involvement of ArmSwissBank employees in workshops organized by the EBRD.

Under the agreement, ArmSwissBank is included among such leading banks as the UBS Bank, Commerzbank and Deutsche Bank.