LEBANESE CREDIT BANK TO EXPAND ANELIK BANK’S INSTRUMENTS

/ARKA/
July 8, 2009
YEREVAN

Armenia’s Anelik Bank will be able to expand its instruments thanks to
the Lebanese Credit Bank’s participation in its capital, CBA Chairman
Arthur Javadyan said at a press conference on Monday.

The Armenian bank expanded its capital to 15bln drams after Credit
Bank became its strategic ally.

The Lebanese bank plans to invest some 9bln drams in Anelik Bank. "With
the Credit Bank becoming 51% of the Armenian bank, Anelik will improve
its corporate management system," Javadyan was quoted as saying.

The CBA Chairman expressed a hope both banks would develop their
business intensively in the Armenian market, making local banking
services more affordable for the population.

Established on July 9, 1009, Anelik Bank received CBA License N9 in
October 1996. Four individuals are the bank’s shareholders.

As of March 31, 2009, the bank’s assets reached 38.2bln drams, with
liabilities amounting to 32.5bln drams. The bank posted 20.4bln
drams worth loan investments, with liabilities to clients totaling
12.4bln drams.

A leading Lebanese bank, Credit Bank is a member of UBA (Union of Arab
Banks). The bank’s attest exceed $1bln. Taking a keen interest in the
CIS and Russia, the Lebanese bank has entered Armenian market. ($1 –
362.37 drams) .