Translated version of this PSD: Armenian
The project is an equity investment of USD 40 mln (c. AMD 20 bln equivalent) for the subscription to the newly issued shares of Ameriabank CJSC, one of the leading private Armenian banks. The investment is structured in two stages: USD 30 mln (c. AMD 15 bln equivalent) is invested initially to obtain c. 20.6% stake of the bank's capital and voting rights and further USD 10 mln will be used for future capital increases.
The operation will support Ameriabank's capitalisation and facilitate achieving its strategic growth targets with ultimate aim of achieving an IPO. The bank will have an increased capability to provide financing to SMEs, large local corporates and individuals combined with better services and more sophisticated products and solutions, resulting in an increase in financial intermediation in the country and improved access to finance. Supporting the bank's M&A activities will assist in consolidation and strengthening of the fragmented banking sector.
Transition impact will come from facilitating Ameriabank's pre-IPO growth plans, which would support market expansion and increased financial intermediation in Armenia. EBRD will also contribute to improving corporate governance through the nomination of an EBRD representative to the Board and implementation of a pre-IPO Corporate Governance Action Plan.
Ameriabank is one of the leading banks in Armenia and is the largest by assets and client deposits, with, respectively c. 11% and 13.5% market share at YE2014. The bank has been EBRD client since 2010 and received EBRD funding through Trade Facilitation Facility (TFP), SME and energy efficiency credit lines.
EBRD Finance Summary
USD 40,000,000.00 with initial investment of USD30,000,000.00
Total Project Cost
Equity investment of USD40 million by EBRD and potential USD15 million investment from private equity
Environmental and Social Summary
Categorised FI (ESP 2014). Ameriabank is an existing EBRD client and has environmental and social procedures in place that are compliant with EBRD's Performance Requirements, and he bank submits satisfactory annual environmental and social reporting. Ameriabank will need to review their procedures to ensure their ongoing compliance with EBRD Performance Requirements 2, 4 and 9 and provide required environmental and social risk management training to all credit officers, especially newly-hired and regional branches personnel. It will need to apply EBRD Performance Requirements 9 to the entire lending portfolio.
Between 2010 and 2012 EBRD has played an active part in the improvement of Ameriabank's institutional capacity through technical cooperation support as part of Credit Advisory Services and Institutional Building programme funded by ETC Multi-donor Fund. The consultancy focused on hands-on training of SME loan officers and other staff across the bank, strengthening and improving methodologies, risk policies and procedures, increasing efficiency of other corresponding procedures and providing environmental training resulting in establishing environmental procedures and practices in the bank. The bank has also benefitted from technical cooperation in support of the Bank's Trade Finance Programme and Energy Efficiency Framework.
Company Contact Information
(374 10) 56 11 11
(374 10) 51 31 33
(374 10) 51 31 33
Ameriabank CJSC 9 Grigor Lusavorich str., Yerevan 0015, Armenia
For business opportunities or procurement, contact the client company.
EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Public Information Policy (PIP)
The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP
Independent Project Accountability Mechanism (IPAM)
If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).
IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.
Please visit the Independent Project Accountability Mechanism webpage to find out how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.