OREANDA-NEWS. April 22, 2011. “Unibank” CJSC in cooperation with the Asian development Bank (ADB) launches realization of trade financing program under which Armenian entrepreneurs will be given letters of credit and banking guarantees. The co-operation agreement was signed by the Executive Board Chairman of “Unibank” Vardan Atayan and the representative of ADB in Armenia Areg Barsegyan, reported the press-centre of Unibank.

The goal of the program is to increase international trade volume and further trade section development in Armenia.

As indicated the Executive Board Chairman Vardan Atayan within the co-operation bounds “Unibank” stipulates considerable increase of volume of opened letters of credit and granted banking guarantees. “The presence of the international partner will enable “Unibank” to meet clients’ demand more effectively and ensure performance of operations worldwide. I believe that 2011 will be rather fruitful for Unibank in terms of international co-operation. In the near future we are planning to realize international co-operation programs in other sectors as well”, said V. Atayan.

According to ADB’s Vice-President Lakshmi Venkatachalam, trade finance agreements aim at promoting trade in Armenia with the prospects of more jobs and stable economic expansion.

As per the results of 2010 the assets of “Unibank” exceeded 115.3 milliard AMD having increased the index of the previous year by 6%. In the accounting year the credit investment volume of the Bank made 75.5 milliard AMD, as compared with the beginning of the year growth makes 11.4%. By the volume of industry crediting “Unibank” occupies the third place, and by consumer crediting volume – the first place in the banking system of Armenia. The liabilities of the Bank by 31.12.2010 made 99.6 milliard AMD, the volume of deposits – 82.3 milliard AMD. At the same time the Bank occupies the first position by the term deposits volume. The income of “Unibank” as per the results of 2010 made about 1.6 milliard AMD. The international rating agency Moody’s Investors Service issued “Unibank” financial stability rating E+, long-term rating Ba3 and short-term rating NP on deposits in national and foreign currency. All the ratings have prognosis “Stable” thus proving the stable position of Unibank in the Armenian banking market. Presently Unibank has 34 branches and one representative office in Moscow. Branch net expansion by eight new branches is scheduled till the end of the year.

The Asian Development Bank is a regional interstate bank missioned to realize long-term crediting programs in the Asia-Pacific region. ADB is headquartered in Manila (the Philippines). The biggest shareholders of the Asian Development Bank are Japan, USA, China, India, Australia, Indonesia, and Canada.