OREANDA-NEWS. October 18, 2011. PSB participated in a USD 12 million loan syndication for Araratbank, led by the European Bank for Reconstruction and Development (EBRD). The loan proceeds will be used to finance micro business and small and medium enterprise development in Armenia, reported the press-centre of PSB.

Under the syndicate arrangement, Araratbank received the amount of USD 3 million from EBRD and USD 9 million from participating commercial banks, including PSB, VDK Spaarbank NV and Byblos Bank S.A.L.

PSB extended its share of loan financing to Araratbank on a 12-month basis, with principal maturity in October 2012. The loan is Araratbank's debut transaction reaffirming its position of a solid partner to international financial institutions.

PSB has been actively cooperating with CIS credit institutions in the areas of trade financing, clearing and treasure operations since 2001.