BSTDB SIGNS ITS FIRST TRADE FINANCE OPERATION IN ARMENIA

Press Release | 03-May-2006

The Black Sea Trade & Development Bank selected the Agricultural Cooperative Bank of Armenia (ACBA) to deliver its trade finance products in Armenia. BSTDB will extend a USD 3 million revolving trade finance facility to ACBA to extend short-term loans to Armenian companies engaged in foreign trade with other member countries of BSTDB.

Up to 50% of the credit line can be used to finance customers exporting goods from Armenia to countries outside the Black Sea region.

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Agricultural Cooperative Bank of Armenia (ACBA), the only cooperative Bank in the CIS countries, was founded in March 1996 to finance the development of the agricultural sector in Armenia. The establishment of the bank resulted from a joint initiative of the Government of Armenia and the European Union. While the primary purpose for ACBA’s establishment was to channel financing to the Armenian agricultural sector, the Bank has expanded its activities to retail sector as well as to servicing other sectors of the economy. Today, ACBA is the 5th largest bank in Armenia by total assets representing a market share of 7.85% and one of the largest banks in the country by total capital.

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 is in Thessaloniki, Greece. With an authorized capital of SDR 1 billion (approx. USD 1,45 billion), the Bank supports economic development and regional cooperation by providing financing, guarantees, and equity for projects in the public and private sectors in its member countries. BSTDB is rated Long Term Baa2 and Short Term P2 by Moody’s.