YEREVAN, November 15. /ARKA/. Loans extended by Areximbank – Gazprombank Group to Armenia’s industry sector grew by AMD 16.6 billion over nine months of this year and reached more than AMD 17 billion by late September, the bank’s press office reports. In Jan-Sept 2009, Areximbank – Gazprombank Group lent AMD 401.4 million to the industry sector.

According to the report, the bank showed the fastest, 99.99% credit portfolio growth in Armenia’s banking system enlarging it to AMD 42.8 billion (76% of the bank’s assets).

Areximbank-Gazprombank Group (former Areximbank, renamed on June 12, 2009) was established in August 1998 for supporting entrepreneurship and serving financial flows between Russia and Armenia.

The bank is a member of VISA International and MasterCard International payment systems.

In 2007, the bank joined ArCa acquiring.

In November 2007, Russian Gazprombank acquired bought 80% of Areximbank’s shares.

In July 2008, Areximbank issued additional bonds, which were bough by Gaprombank as well.

As a result, Gazprombank’s share in Areximbank reached 94.15%.

In September 2008, Gazprombank bought the remaining 5.85% from Raiffeisenbank and is now the sole owner of the bank. ($1 = AMD 364). -0-