Ardshinbank has been named the Most Active Issuing Bank in Armenia in 2016 by the European Bank for Reconstruction and Development (EBRD) as part of the Trade Facilitation Program (TFP).
The award was based on the number guarantees offered by Ardshinbank for trade-related transactions last year, according to an announcement from the bank. An award was given to the bank's chief financial officer during a ceremony in Nicosia, Cyprus, recently as part of the EBRD's annual meeting and business forum.
“We highly appreciate our cooperation with EBRD in the area of trade finance which enabled us to expand our business geography and increase the number of trade-related transactions," Ardshinbak's CFO David Sargsyan said in the announcement. "I hope that this award will lay the groundwork for the further development and enhancement of our cooperation with EBRD."
Mike Taylor, EBRD's director for financial institutions in the region, said EBRD is "pleased" the bank is taking part in the program.
“Ardshinbank is one of EBRD’s local partner banks, and we are pleased that it is using the TFP very actively," Taylor said in the announcement. "Through the TFP, EBRD aims to boost intra-regional trade and contribute to the development of trade links between Armenia and its key trade partner countries. Developing trade is an important way of strengthening the local economy."