Armenia's Armbusinessbank has launched a new overdraft service for corporate customers of up to $10,000 or the equivalent in drams or euros for one year, with the possibility of an extension.
U.S. dollars will carry an interest rate of 16 percent, drams will have a rate of 22 percent and euros will have a 15 percent interest rate.
Armbusinessbank offers a full range of banking services, including deposits and transfers, credit and debit cards, bank guarantees, insurance, securities transactions, and financial operations in the interbank market.
It is a member of the ArCa local payment system as well as MasterCard and Visa international payment systems.
The bank is wholly owned by Chrystie Management, a bank holding company based in the British Virgin Islands, which holds 35,000 shares.
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