Provision of advance payment return guarantee,Funding of an exporter secured by a bank guarantee,Tender guarantees(guarantee to take part in the auction),Performance guarantees,Payment guarantees(Standby letter of credit),Issuance of guarantees by leading foreign Banks on the basis of counter-guarantees of “ARMECONOMBANK” OJSC.| With cash cover | 0.3% min AMD 30 000, max AMD 400 000 |
| Without cash cover | Contractual |
| Notification of guarantee | 0.2% min AMD 50 000 |
| Amendment, cancellation of guarantee terms | AMD 55 000 |
| Payment against guarantee according to the request of the confirming bank | 0.5% min AMD 100 000 |
| Bank guarantee notification to other banks provided with paper carrier through SWIFT system |
0.3% min AMD 50 000, max AMD 100 000 |
In case of a bank guarantee, the Bank acts as a guarantor for the fulfillment of the obligations of its customer and pays the Beneficiary the amount envisaged by the guarantee at the relevant request.
The Bank can issue various types of guarantees - guarantee of payment, fulfillment of obligations, advance payment return, tender and so on.
As an additional guarantee, the Bank can also offer approval of guarantees by other leading banks. The Bank has signed a number of agreements with leading international financial institutions, such as European Bank for Reconstruction and Development, Asian Development Bank and etc. Taking part in Trade Finance programs of the latters the bank has been granted by an opportunity to execute transfers with the banks of the countries joining in the program.
The customer submits the appropriate agreement to the Bank, which is being studied by the Bank in advance comparing it with the terms of the issue of the guarantee /currency, term, country/ . It should be noted that the Bank can issue bank guarantees in USD, EUR and RUR, other currency –per transaction.
After coming to a positive conclusion, the Bank compiles the draft of the guarantee and submits it to the approval of the Customer; at the request of the latter the bank can submit it to the approval of the Beneficiary and the bank of beneficiary. After the prior agreement with all the parties, the bank concludes an appropriate agreement with the client. The client pledges the relevant funds equal to the amount of the guarantee; afterwards the bank guarantee is issued. The Notifying Bank, after receiving the bank guarantee through SWIFT system, notifies the Beneficiary about the guarantee issued in the Customer’s favor.
Should the customer fail to fulfill his/her obligations, after receipt of the request, the Bank pays the Beneficiary the maximum of the amount specified in the guarantee and starts a compensation process with its customer in compliance with the agreement signed with the customer.
The Bank can also provide international guarantees through paper carrier, without the third party, on the formal sample of the Bank notifying the bank of the beneficiary about the content of the guarantee through SWIFT system.
Commissions to be charged when executing the transaction, including the commission fees of intermediary banks, are charged in AMD by the Bank calculated at the exchange rate set by the RA CB for the given day.
Based on various consequences, additional documents and information may be required.
The service is rendered in all the branches of the Bank, with the exception of “ROSSIA”, “ARARATYAN”, “NAIRI MC” branches.
You are eligible to communicate with the financial institution through the means of communication you prefer- via mail or electronically. The receipt of information electronically is the most convenient. It is available round-the-clock, free form the risk of loss of paper information and ensures confidentiality.