Citi recently successfully closed and signed an $18 million syndicated term loan facility for Armenia's Ardshininvestbank.

The transaction represents the first syndicated deal for an Armenian financial institution in the bank loan market without multilateral agency support. The facility closed oversubscribed, attracting significant interest from both regional and international banks.

Proceeds of the transaction will be used to support the borrower's trade related needs. The unsecured facility will have a tenor of one-year with a bullet repayment on maturity.

Founded in 2002, Ardshininvestbank is the third largest bank in the Armenian banking system with assets of $668 million.

Ardshininvestbank is 97.23 percent owned by the Center of Business Investments LLC and 2.77 percent owned by management.

Citi has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.