ARMBUSINESSBANK’S CREDIT PORTFOLIO MAY RISE TO 45 BILLION DRAMS

/ARKA/
September 22, 2009
YEREVAN

YEREVAN, September 22, /ARKA/. Armbusinessbank Board president Ara
Kirakosian said Saturday the bank’s credit portfolio will grow from
current 35 billion Drams to 45 billion Drams in three months.

Speaking to journalists after the inauguration ceremony of the
repaired building of the bank in downtown Yerevan, he said the bank
has succeeded in the last 3 years in improving its major financial
indices and expanding the network of regional branches to 20 across
Armenia and Nagorno-Karabakh Republic (NKR).

Ara Kirakosian said the bank’s assets have grown in the last three
years 15 times to 89 billion Drams and its authorized capital has
increased this year by 9 billion Drams to 16 billion Drams.

"Our immediate plan is to improve the quality of our services, to
incorporate the latest banking services and to shift to aggressive
crediting policy,’ he said.

Armbusinessbank is one of several commercial banks, chosen by
the National Mortgage Company as a partner in providing mortgage
credits. The bank offers mortgage credits also from its own resources.

According to Central Bank governor Arthur Javadian, in the last three
years the bank has been doubling the amount of extended credits.

The inauguration ceremony was attended by presidents of Armenia and
Nagorno-Karabakh Serzh Sargsyan and Bako Sahakian, Armenian prime
minister Tigran Sa rgsyan and other officials.

Armbusinessbank was registered in 1991. In 2006 Ukrainian-based
Ukrprombank obtained 35% of its shares, another 35% were obtained by
Ukrainian insurance company Alfa Garant, the rest is held by Kristi
Management Society. ($1 – 381.96 Drams).