YEREVAN (Respublica Armenii)–Midland Armenia bank declared that it plans to start more loan-providing activities and to provide elite banking services.
Executive Director of Midland Armenia Jeremy Hunt said the bank already created a serious basis for a "loan attack," by resolving two major problems: preparing a team of qualified experts and attracting sufficient funds for its customers.
Particularly–a powerful loan department will be created–able to evaluate the risk of medium- and long-term loans in the industry sector. The bank plans to significantly reduce the interest rates up to 20-25 percent per annum (against the present 45-60 percent available in the market)–as much as the World Bank plans to provide through its loan programs via the Armenian banks.
The bank plans to provide opportunities to pay based on the letters of credit–and to install a system of Global Access debit cards. It will also create the Midland Armenia Insurance company–to provide insurance for bank deposits–as well as export and import operations.