YEREVAN, February 27. /ARKA /. ACBA-CREDIT AGRICOLE BANK said today it will make an initial public offering on March 1 to place bonds to the tune of 1.3 billion drams. The bank said in a press release that it will offer bonds with 9.5% yield and 24-month maturity period. The face value of a bond is 100,000 drams.
According to Armenian law on bank deposits insurance, funds raised from the sale of bonds are considered insured bank deposit.
ACBA was established in 1996 as part of EU’s TACIS program. As a result of a long-term and mutually beneficial cooperation between ACBA Bank and the French Credit Agricole the latter became the biggest shareholder of ACBA in 2006, September. ACBA was restructured, becoming a closed joint stock company and was renamed ACBA CREDIT AGRICOLE BANK. ($1 – 488.93 drams) .