ProCredit Bank, which was founded in Armenia in 2008, plans to intensify its activities in Armenia’s financial market this year, Executive Director Bertolt Hertzfeldt told reporters on September 27. This year the bank’s credit portfolio reached U.S. $45m. The bank management hopes it will reach U.S. $60m by the year end. At present the bank is issuing credits at the lowest interest rates – 9.5% for USD credits and 14.5% for AMD credits, which is likely to platy is role in the increasing credit portfolio.

Interestingly, ProCredit Bank, which is operating on German capital, intends to intensify activities in the agricultural credit market, where ACBA-CREDIT AGRICOLE hardly has any rivals. With this end in view, ProCredit Bank plans to open branches in Gyumri and Vanadzor.

Pro Credit Bank was co-founded by Pro Credit Holding (68.46%), European Bank for Reconstruction and Development (EBRD) (16.67%) and Development Bank (14.87%).