Ardshinbank Signs $25 Million Trade Finance Facility with Citi and ADB
December 15 2017 - 6:00AM
Business Wire
Ardshinbank has signed a $25 million one-year Club Trade Finance
Facility arranged by Citi with Asian Development Bank (ADB). ADB is
supporting a portion of the facility through their Trade Finance
Program (TFP) in the form of a guarantee.
This is the first Club Trade Finance Facility arranged by Citi
for Ardshinbank. Proceeds of this will support import and export
transactions for top corporate customers of Ardshinbank, increasing
the volume and value of trade transactions in Armenia’s key
economic sectors, including energy, mining, and services.
“We are pleased to be at the forefront of providing much needed
trade finance products to our corporate and small and medium-sized
enterprises (SME) clients. It will not only diversify and
strengthen our client base, but also serve our purpose to
contribute to sustainable economic growth in Armenia,” said Mher
Grigoryan, Ardshinbank’s Chief Executive Officer. “I would like to
thank Citi, our long-term partner, and ADB for a fruitful
collaboration and successful completion of the transaction.”
“We aim to deliver bespoke and best in class trade solutions at
Citi. The firm’s global reach and expertise in financing trade
flows puts us in the ideal position to help support progress and
growth in developing markets,” said Chafic Haddad, EMEA Head of
Financial Institutions and Correspondent Banking, Treasury and
Trade Solutions at Citi. “By facilitating this landmark Club Trade
Finance Facility for Ardshinbank, we have been able to form a
partnership with a number of industry professionals to ensure we
can provide the ideal solution for Ardshinbank’s trade financing
needs.”
“ADB is delighted to be part of this transaction with
Ardshinbank and Citi,” said Nana Khurodze, Relationship Manager at
ADB. “Through this facility, Ardshinbank will be able to grow its
trade finance operations to support more importing and exporting
companies, including small and medium-sized businesses. This will
support growth and job creation in Armenia.”
ADB's TFP in Armenia has supported over $55.9 million in trade
through 159 transactions since 2012, 95.6% of which have been
SME-related deals.
About Ardshinbank
Ardshinbank is a leading Armenian bank with a wide sales network
comprising of 64 branches. It offers a broad range of services to
corporations, SMEs, and individuals. It is the only private entity
in Armenia with assigned ratings from two international major
rating agencies—Moody’s and Fitch—equal to the rating of Sovereign.
Additional information may be found at www.ardshinbank.am/en
About Citi
Citi, the leading global bank, has approximately 200 million
customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments,
and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and
wealth management. Additional information may be found at
www.citigroup.com
About Asian Development Bank
ADB, based in Manila, is dedicated to reducing poverty in Asia
and the Pacific through inclusive economic growth, environmentally
sustainable growth, and regional integration. Established in 1966,
ADB is celebrating 50 years of development partnership in the
region. It is owned by 67 members—48 from the region. In 2016, ADB
assistance totaled $31.7 billion, including $14 billion in
co-financing.
The Trade Finance Program (TFP), backed by ADB's AAA credit
rating, provides guarantees and loans to over 200 partner banks to
support trade, enabling more companies throughout Asia to engage in
import and export activities. With dedicated trade finance
specialists and a 24-hour response time, the program has
established itself as a key partner in the international trade
community, providing fast, reliable, and responsive support to fill
gaps in the region’s most challenging markets. Since 2009, TFP has
supported more than 9,200 small and medium-sized businesses across
developing Asia—through over 14,000 transactions valued at over $26
billion—in sectors ranging from commodities and capital goods, to
medical supplies and consumer goods. For more information, visit
the TFP website: http://www.adb.org/tfp
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171215005228/en/
Citi Media Contact:Belinda Marks, +44 20 7508
3082belinda.marks@citi.com
Citigroup (NYSE:C)
Historical Stock Chart
From Aug 2024 to Sep 2024
Citigroup (NYSE:C)
Historical Stock Chart
From Sep 2023 to Sep 2024