Byblos Bank increases cooperation with Armenian diaspora

15.04.2010 21:22
Byblos Bank increases cooperation with Armenian diaspora

YEREVAN, April 15, /ARKA/. The Lebanese Byblos Bank works to deepen cooperation with Armenian Diaspora, Francois Basil, Byblos Bank Group CEO, said during a dinner given in honor of Armenian parliamentary delegation, led by speaker Hovik Abrahamian that was visiting Lebanon earlier THIS week.

‘Francois Basil said Armenians are playing an increasingly important role in Byblos Bank Group, both as shareholders and clients,’ Byblos Armenian SAL bank quoted him as saying in a press release.

In his words, Armenian economy has promising development prospects and the country possesses substantial natural and human resources to stimulate economic growth.

‘The policy of Byblos Bank in Armenia is to support industrial sector in line with our investment strategy for foreign countries,’ he was quoted as saying.

“Armenia is a country with rich cultural heritage. Like the Lebanese, Armenians are flexible and industrious, they hate laziness and seek to improve their living conditions,; he said.

Lebanese Byblos Bank SAL purchased in 2007 67% in Armenian International Trade Bank, renamed later Byblos Bank Armenia. EBRD holds 25% and the OPEC International Development Fund holds 10%.

According to ARKA data, at the end of 2009 its assets stood at 17.6 billion Drams, liabilities at 9.2 billion Drams, total capital at 8.4 billion Drams, credit investments at 12 billion Drams, client liabilities at 8. 2 billion Drams. In 2009 the bank earned 171 million Drams in net profits. It has three branches.-0-

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