Areximbank-Gazprombank Group to Become Leader In Banking Market Around 2012

05.08.2010 10:02
Areximbank-Gazprombank Group to Become Leader In Banking Market Around 2012

YEREVAN, August 6. /ARKA /. Armenian Areximbank - Gazprombank Group intends to become a leader of the banking sector in Armenia in 2012, said General Director Armen Khandkaryan to ARKA News Agency.

"The development strategy of the bank requires its consolidation, the transformation into a major system-financial structure, and being in the list of the leaders of the banking system of Armenia until 2012," said Khandkaryan.

Under the strategy, as the general director of the bank said, the financial model of the structure involves the capitalization in the volume, which allows to increase the level of assets 3 times up to 2012, and its loan portfolio about more than 3,5 times.

According to Khandkaryan, a new phase of opening branches, in accordance with the strategy, is planned to begin in 2011, since 2010 for the bank a year, where the effectiveness of the existing branch network will be enhancing.

At the present time Areximbank - Gazprombank Group operates 15 branches.

Nine of them are regional and six are in Yerevan.

Khandkaryan informed that Areximbank - Gazprombank Group intends to develop corporate banking, which, however, does not mean withdrawal from the retail market.

Khandkaryan recalled that the bank actively lends to both individuals and SMEs, and is one of the leaders of SME lending throughout the banking system.

Areximbank closed joint stock company was founded in August 1998 to support entrepreneurship and service financial flows between Russia and Armenia.

The bank has a total of 10 branches in Yerevan and in the regions of Armenia.

Areximbank is a principle member of VISA International and MasterCard International payment system. In 2007, the bank joined ArCa payment system on acquiring.

Russian Gasprombank purchased 80% of the bank’s shares in November 2007.

In September 2008 Gasprombank bought 5.85% from Reiffeizenbank and became the full owner of Areximbank.

According to the ARKA News Agency, as of June 30, 2010 the assets Areximbank-Gazprombank Group amounted to 49.2 billion drams, the liabilities are about 35 billion drams, the total capital is 14.3 billion drams, the share capital - 12, 3 billion drams, credit investments - about 33 billion drams, and the obligation to the bank's clients is 19.1 billion drams.

Net profit for the first half of 2010 amounted to some 270.3 million drams.—0--

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