BSTDB supports expansion of Armenian supermarket chain
Press Release | 23-Apr-2014
The Black Sea Trade and Development Bank (BSTDB) is providing a corporate loan of USD 10.2 million to SAS Group LLC., one of Armenia’s leading retail companies.
The seven-year BSTDB loan will finance the company’s investment program, which includes expansion of the supermarket chain, modernization of bakeries and/or kitchen facilities at four existing stores, and the launch of an on-line supermarket.
“We are pleased to support SAS Group, an Armenian company committed to providing consumers with high-quality products and services. The SAS investment will benefit the Armenian economy by providing stable market outlets for the country’s farming sector and new employment opportunities in trade and retail sectors", said Andrey Kondakov, BSTDB President signing the loan agreement.
“Since 2008 SAS GROUP has enjoyed financial support of BSTDB and we highly appreciate its professionalism and commitment to contribute to our business development initiatives. Thanks to BSTDB’s efficient cooperation we afforded to implement our strategic development projects and to expand our business making it more efficient and competitive”, stated Aram Sargsyan, Chairman of SAS Group.
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Established in 1998, SAS-Group LLC is one of the leading retail trade operators in Armenia. The Company operates in total nine retail outlets: seven supermarkets and two “Home Stores” in Yerevan.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion). BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s. For information on BSTDB, visit www.bstdb.org.
Press contact:
Haroula Christodoulou
Phone: +30 2310 290533
E-mail: cchristodoulou@bstdb.org