Ameriabank has become the first Armenian bank to become a confirming bank in the European Bank for Reconstruction and Development's (EBRD's) Trade Facilitation Programme (TFP).

The two banks signed an agreement to this effect at the EBRD's mid-May Annual Meeting and Business Forum in Istanbul.

New status

The head of Ameriabank's trade financing department, Suren Kocharyan, said the bank's new status is important for trade development in the region.

It will make confirmation of letters of credit and banking guarantees more accessible to local exporters he said.

Banking services

Ameriabank is a closed joint stock company offering investment, corporate and retail banking services.

One of Armenia's oldest banks, Ameriabank was 96 per cent acquired in August 2007 by TDA Holdings, an affiliate of the Russian investment group, Troika Dialog.

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