The Black Sea Trade and Development Bank (BSTDB) has selected the Agricultural Cooperative Bank of Armenia (ACBA) to deliver its trade finance products in Armenia.
BSTDB will extend a US$3mn revolving trade finance facility to ACBA to extend short-term loans to Armenian companies engaged in foreign trade with other member countries of BSTDB.
Up to 50% of the credit line can be used to finance customers exporting goods from Armenia to countries outside the Black Sea region.
Agricultural Cooperative Bank of Armenia (ACBA) was founded in March 1996 to finance the development of the agricultural sector in Armenia. The establishment of the bank resulted from a joint initiative of the government of Armenia and the European Union.
While the primary purpose for ACBA’s establishment was to channel financing to the Armenian agricultural sector, the bank has expanded its activities to retail sector as well as to servicing other sectors of the economy.
Today, ACBA is the fifth largest bank in Armenia by total assets representing a market share of 7.85% and one of the largest banks in the country by total capital.