ANELIK BANK AND CREDITBANK LAUNCH PROJECT OF BUSINESS CO-FINANCING

ArmInfo
29.03.2010

ArmInfo. Anelik Bank jointly with its majority shareholder, the
Lebanese CreditBank, has launched a business co-financing project,
says Director General of CreditBank Rudolph Atallah in an interview
with ArmInfo.

"We have recently studied the first project in Yerevan and collected
the necessary documentation. If approved in Lebanon, the project will
be funded. Decisions on the provisions for loans will be made quite
easier in future when up-to-date IT systems are introduced. We will
not set any limits on the loan size and will estimate, on case-by-case
basis, every project. In addition, CreditBank and Anelik Bank share
risks equally," Mr. Atallah says.

Earlier in the middle of 2009 CreditBank acquired a 51pct stake in
Anelik Bank. As of Jan 1 2010 the credit portfolio of Anelik Bank
totaled 25,3 billion drams ($67 million).