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Card-AgroCredit UCC to increase its credit portfolio in 2010 by

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  • Card-AgroCredit UCC to increase its credit portfolio in 2010 by

    Card-AgroCredit UCC to increase its credit portfolio in 2010 by 35-40%

    2009-12-19 16:27:00


    ArmInfo. Card-AgroCredit Credit company is going to increase its
    credit portfolio in 2010 by 35-40%, Chairman of the Board of
    Card-AgroCredit UCC, Director of the Center of Agribusiness and Rural
    Development Fund (CARD) Gagik Sardaryan said and added that the
    company's credit portfolio currently makes up 900 million drams. To
    recall, Card-AgroCredit UCC, founded by CARD, was registered by the
    Central Bank of Armenia on June 27, 2008.

    According to Sardaryan, the company will lay the main emphasis in
    crediting in 2010 on carrying out of leasing transactions, in
    particular, in the line of tractor delivery for agricultural subjects.
    It is scheduled to purchase the tractors from one of the subsidiaries
    of CARD - Card-Agroservice, being a representative of an American
    tractor production company John Deere in Armenia.

    According to the Ranking of Armenia's credit companies, prepared by
    the Agency of Rating Marketing Information (ArmInfo), the assets of
    Card-AgroCredit UCC as of October 1, 2009, made up 946 mln drams ($2.5
    mln), the credit portfolio - 771 mln drams ($2 mln) and the total
    capital - 535 mln drams ($1.4 mln). The company assured an
    undistributed profit over 9 months of 2009 at the rate of 65.1 mln
    drams ($169.3 thsd).

    To recall, 27 credit companies are currently functioning in Armenia, 4
    of which are leasing companies, 22 - universal credit companies and 1
    - Credit Union.

    To note, the CARD Foundation, which has been functioning since April
    2005, is continuation of the Marketing Assistance Programme of the US
    Department of Agriculture (USDA MAP), within the frames of which
    financial, technical and marketing assistance was provided to over 160
    Armenian enterprises in the sphere of agribusiness from 1993 to 2005,
    as well as to 25 production and commercial cooperatives, 50 Credit
    clubs and thousand of farm enterprises in all the regions of Armenia.
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