"PROCREDIT" – 22ND BANK OF ARMENIA
By Ara Martirosian

AZG Armenian Daily
07/02/2008

On February 5, German "Procredit" bank started its activities in
Armenia and it became the 22nd functioning bank of Armenia. The
Executive Director of the bank Bertold Herzfeld and Deputy Director
Ashot Abrahamian spoke about the banks group "Procredit" during the
press conference held in "Congress" hotel.

Bertold Herzfeld mentioned that the bank function in 21 countries of
the world and is socially responsible for small business and common
citizens. The shareholders of Armenian "Procredit" are "Procredit"
bank – 66,6 percent, KfW – 16,6 percent and "Eurobank" – 16,6 percent.

Ashot Abrahamian said that the bank will open it 6 branches at the
end of the year – 4 in Yerevan and 2 – in provinces.

The bank will accept deposits from everybody. It will give credits
to small and medium businesses. They will start also crediting of
agriculture during the year.

Chairman of Central Bank Tigran Sargsian welcomed the opening of
"Procredit" bank in Armenia and assured that it will contribute
to financial mediation development and will bring to Armenia new
culture. It will also contribute to the competition in banking system.