Ameriabank news

"Ameriabank" CJSC and "Armenia Export Insurance Agency" JSC. on October 28, they signed a cooperation agreement at the bank's head office. The purpose of the agreement is to insure companies exporting from Armenia against non-payment by the buyer due to commercial and political risks. As a result, exporters receiving factoring financing not only have the opportunity to receive early payment for exported goods, increasing working capital, but are also insured against possible insolvency of the buyer in the future. By receiving factoring in the currency of the export contract, at the same time, it is possible to neutralize the possible negative result from the risks of foreign exchange fluctuations.

Artak Hanesyan, Chairman of Ameriabank's Directorate, General Director stated. "Ameriabank is active in factoring financing, the total volume of the bank's factoring transactions for 9 months of the current year was about 50 million US dollars, 80% of which is accounted for by export factoring. The signing of this agreement will enable us to implement factoring financing with a more simplified process and controlled risks, which will contribute to the increase of Armenia's export volumes, and therefore to the increase of financial flows entering the republic."

Vazgen Abgaryan, Chairman of the Directorate of "Export Insurance Agency of Armenia", Executive Director stated: "Cooperation with Ameriabank creates new opportunities for exporters who are beneficiaries of the agency's services to more effectively manage working capital during the post-export installment payment phase, increase production volumes, and also, being insured against the risk of non-payment by foreign buyers, discover new markets."