ARARATBANK has been awarded the title of Valued Partner of EBRD

ARARATBANK has been awarded the title of Valued Partner of EBRD by the European Bank for Reconstruction and Development for lasting and effective cooperation between EBRD and ARARATBANK.

The prize was awarded on April 14 at the event on EU4Business-EBRD Credit Line in Armenia – Impact to date and Way Ahead, held at DoubleTree by Hilton hotel, Yerevan.

The effective and long-term cooperation between the European Bank for Reconstruction and Development and ARARATBANK started as early as 2007. Around two years under this cooperation were invested in implementing the Institutional Building Program, which involved provision of appropriate training for almost all divisions of ARARATBANK, reorganization and adaptation of processes to international standards, introduction of corporate management culture and undertaking of reform measures in risk management and assessment processes.

"The first major achievement of the bank was the signing of two contracts with the EBRD to promote international trade and to finance the SME sector in Armenia. The cooperation enabled the bank to take its place among the leading banks of Armenia and provide its customers with services that meet the standards of the European banking sector," said Zaruhi Melkonyan, Head of International Operations Department at ARARATBANK.

The EU4Business - EBRD credit line program is a joint EU-EBRD initiative, which helps Armenian SMEs finance investments in equipment and facility upgrades.