LEBANESE CREDITBANK INTENDS TO OPERATE IN ARMENIA

Noyan Tapan
Aug 29 2007

YEREVAN, AUGUST 29, NOYAN TAPAN. The intention of CreditBank (Lebanon)
to operate in Armenia is welcome and fully consistent with the Armenian
government’s policy of developing the Armenian financial market. The RA
prime minister Serge Sargsian stated this on August 29 when receiving
the chairman of the bank’s board of directors Tarek Khalifian and the
delegation headed by him. According to the prime minister, the bank’s
experience may prove quite useful for Armenia, taking into account the
fact that Lebanon has always been considered as a financial center and
it has made serious progress in development of the financial market.

Expressing gratitude for the willingness to cooperate, T. Khalifian
noted that the meetings and discussions with partners of the Central
Bank of Armenia and a number of banks have strengthened CreditBank’s
intention to operate in Armenia. In his opinion, there are serious
prospects and a favorable environment for development in Armenia,
and the bank will be glad to make its contribution to development
of the Armenian economy. He attached importance to cooperation with
the Armenian government in some investment programs which include
agriculture, infrastructures and industry.

According to the RA Government Information and PR Department, the two
sides underlined the important role of the Lebanese Armenian community
in terms of attracting Lebanese capital to the Armenian market.