CREDIT BANK (LEBANON) BUYS CONTROLLING STAKE IN ANELIK BANK

ArmInfo
2009-05-01 00:39:00

ArmInfo. Credit Bank from Lebanon is going to buy a controlling stake
in Anelik Bank, reports a reliable source from the banking sector
of Lebanon.

The cost of the deal is 9bln AMD. Credit Bank has already transferred
half of the sum to Anelik Bank’s account at the Central Bank of
Armenia. The deal is supposed to be finalized by early June 2009.

To remind, at first Credit Bank was planning to open its own bank in
Armenia, Cedrus, with capital of 5.5bln AMD. Even though the bank
has received the CB’s preliminary consent to its plans, because of
the crisis, it has decided to buy a stake in the local bank. The key
advantage of Anelik Bank is that it has own money transfer system.

Credit Bank is going to buy a 51% stake in Anelik Bank. After the
deal is finalized the capital of Anelik will grow to 14.3bln AMD –
one of the five biggest capitals in Armenia’s banking sector. The
purchase of controlling stake in Anelik implies control over its
money transfer system.

Anelik Bank was established July 9 1990 and registered Oct 1 1991. In
Oct 1996 it was granted the CB’s license.

Apr 1 2009 the capital of the bank totalled 5.6bln AMD, assets –
38.2bln AMD, deposits by individuals – 8bln AMD, credits – 19.1bln AMD,
accrued profit – 884mln AMD. The bank has 10 branches (5 in Yerevan and
5 in the regions) and money transfer subsidiary in Moscow – Anelik.Ru.