Universal Credit Company ‘Norvik’ is going to reorganize itself in a
bank and become the Armenian
arminfo
2007-07-04 16:15:00
Universal Credit Company is going to reorganize itself in a bank and
become the Armenian "subsidiary" of the Islandian-Latvian "Norvik" bank.
As ArmInfo was informed from UCC "Norvik", over the first six months of
the current year assets of the company amounted to $26 mln, 98% of
which were credit investments. In January-June 2007 UCC "Norvik" gave
services to 11 thsd people.
According to the press-release, over the next days "Norvik" is going to
replenish its nominal capital by 700 mln drams instead of today’s 614
mln drams.
To recall, the Islandian-Latvian "Norvik" Bank founded its subsidiary
company "Norvik" in Armenia, in February 2006. On July 4, 2006 the
latter received license of a universal credit company from the Armenian
Central Bank and started giving credits beginning from September, 2006.
As earlier director of UCC "Norvik", Tigran Bostanjan, told Arminfo
correspondent, the company plans to have $1 mln income by the end of
the current year. He also added that Norvik gives 40% mortgage credits
from the general portfolio, 39,2% business-credits, 17,9% – consumer
credits, 5,4% credits to buy a motor vehicle and 4% credits – to buy
real estate. The size of the credit portfolio of Norvik was
3,2 bln drams and it will be increased up to 18 bln drams over the
current year.