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Banking & Finance

publié le lundi 16 novembre 2009

AMERIABANK TO START CREDITING CONSTRUCTION OF HYDROPOWER PLANTS AND WIND POWER STATIONS
NOV 3/NOYAN TAPAN/
Ameriabank will implement a program of crediting construction work in the energy sector, in particular the construction of hydropower plants and wind power stations. Its total cost is 20 million dollars. The program will start in a month and be implemented jointly by several international organizations.
The loans will be given in dollars for quite a long period - 8 years, with a three-year grace period, at an annual interest rate of 11-12%.
The energy sector is quite interesting in terms of investment reliability, risk management, and ensuring incomes. Currently the demand exceeds the supply, and the bank can meet one third of the demand. Credits will be provided mainly to the projects on construction of small hydropower plants.

NATIONAL MORTGAGE COMPANY’S AUTHORIZED CAPITAL MAY GROW
/NOV 3/ARKA/
Company’s authorized capital is 5 billion Drams now.

CASCADE BANK REDUCES INTEREST RATES ON CREDITS
/NOV 6/ArmInfo/
Cascade Bank has reduced the interest rates on dollar trade credits from 13% to 11% per annum. As Cascade Bank’s press service told ArmInfo, the bank started granting of trade credits also in AMD, with 13% base interest rate. Moreover, Cascade Bank reduced the rates on auto loans from 17-20% to 15-18%, and, under cooperation with KIA Motors Company, the bank grants auto loans with 5% prepayment. The bank also reduced the rates on mortgage credits, including the rates for housing acquisition, from 14-16% to 13-15% per annum, and the rates for housing repair have been reduced from 24% to 18%. Under cooperation with Glendale Hills Company, the bank offers flats in the new buildings at 13% annual rate. According to the data of Cascade Bank, the bank resumed granting of credits for acquisition of heating systems, at 22% annual rate.
To note, Cascade Capital Holdings is 100% holder of Cascade Bank’s block of stock.

CENTRAL BANK OF ARMENIA REGISTERED ‘CREDIT UNION’ NEW CREDIT ORGANIZATION
/NOV 6/PanARMENIAN.Net/

PRICES OF PRECIOUS METALS UP IN ARMENIA
/NOV 9/ArmInfo/

CENTRAL BANK LEFT 5% REFUNDING LEVEL UNCHANGED
/NOV 10/PanARMENIAN.Net/
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