PROCREDIT BANK ARMENIA OPENS ITS 5TH BRANCH IN COUNTRY

Noyan Tapan

Jan 20, 2009

YEREVAN, JANUARY 20, NOYAN TAPAN. ProCredit Bank has opened its new –
5th branch located at the Citadel Business Center, 1st floor (105/1
Terian Street, Yerevan). The first branch of the bank opened in the
city of Vanadzor (Lori marz) in July 2008.

ProCredit Bank Armenia started operating on February 5, 2008. It is a
bank with 100% foreign capital and provides a comprehensive package of
banking and financial services. Its activities are aimed at crediting
small and medium business. Another direction of ProCredit Bank’s
activities is to contribute to the formation of savings culture in
the society.

ProCredit Bank Armenia is a member of ProCredit group which is
composed of 22 financial structures operating in Eastern Europe,
Africa and Latin America whose activities are headed and controlled
by Frankfurt-based ProCredit Holding AG.

The founders of ProCredit Bank Armenia are ProCredit Holding AG that
owns 67.49% of shares, KfW Bank (Germany) with 15.84% of shares and
the European Bank for Reconstruction and Developemnt (EBRD) with 16.67%
of shares.

ProCredit Bank Armenia currently has over 4 thousand customers,
including users of savings services, as well as a credit portfolio
of about 24 million USD and a deposit portfolio of more than 8
million USD.