Switzerland-based Symbiotics SA, which specializes in micro-, small and medium-sized enterprise investment, recently issued bonds for two Armenian banks: USD 5 million for ACBA-Credit Agricole Bank and USD 3.7 million for Armeconombank (AEB). The latter was the second of two tranches this year totaling USD 10 million for AEB. All of these transactions were intermediated through Symbiotics’ bond platform, “Micro, Small & Medium Enterprises Bonds SA, Luxembourg.”
ACBA, formerly known as the Agricultural Cooperative Bank of Armenia, cites serving SMEs as its “main goal.” Established in 1996, it is 16-percent held by the French bank Credit Agricole SA. As of December 2015, ACBA reports total assets of AMD 273 billion (USD 569 million) and an annual loss of AMD 40 million (USD 83,000).
Founded in 1988, AEB is an open joint stock bank offering loans, savings, transfers, payment cards, safe-deposit boxes and other services. As of December 31, 2015, it reports total assets of AMD 108 billion (USD 227 million) and net comprehensive income of AMD 91 million (USD 189,000).
Symbiotics manages assets valued at USD 1.3 billion.
By the MicroCapital Team
Sources and Additional Resources
Information provided directly to MicroCapital by Symbiotics
Symbiotics Issues Bonds Supporting SME, Rural Finance: $12m for Costa Rica’s Banco Improsa, $10m for Indonesia’s Mitra Bisnis Keluarga (MBK) Ventura, $6m for Armenia’s Armeconombank
MICROCAPITAL BRIEF: Symbiotics Issues Bonds Supporting SME, Rural Finance: $12m for Costa Rica’s Banco Improsa, $10m for Indonesia’s Mitra Bisnis Keluarga (MBK) Ventura, $6m for Armenia’s Armeconombank
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