YEREVAN, March 25. /ARKA/. Credit portfolio of Areximbank-Group of Gasprombank cjsc in creased by 140% in 2010 making about $135 million.

Increase was registered in corporate crediting (231.2% or 104 million US dollars) and retail crediting (25% or 31.1 million US dollars). Weighted average of problematic debts of portfolio reduced from 1.95% to 1.13%.

According to the adopted three-year development strategy of "Areximbank-Group of Gasprombank” in 2011 total portfolio of credits is planned to increase by 50% to 73.5 billion drams or about 200 million US dollars.

Areximbank-Gazprombank Group (formerly Areximbank) was established in 1998 to handle financial flows between Armenia and Russia. It is a principled member of VISA International and MasterCard International payment systems. In 2007 it joined Armenian ArCa payment system.

In November 2007 Russian Gazprombank obtained 80% shares of Areximbank. In July 2008 Areximbank conducted additional emission which was also bought by Gazprombank. In its result its share increased to 94.15%. In September 2008 Gazprombank bought the remaining 5.85% from Rayffayzenbank and now is 100% owner of the bank. —0--