YEREVAN, April 8. / ARKA /. Areximbank - Gazprombank Group said today in a press release that it plans to channel $6.5 million this year into development of mortgage lending in Armenia.

It quoted  deputy director general Vigen Barseghyan as saying that the bank   intends to make efforts to step up mortgage lending programs, especially that the standards used by the bank allow to keep the quality of the portfolio at a fairly healthy level, avoiding, if possible,  unscrupulous customers.

He said also the bank has been  working in the mortgage market for years already, having gained good experience and besides, it revises regularly interest rates downward.

"A large bank must have a diversified portfolio and so we do  intend to continue this line of lending to individual customers,"  said Barseghyan.

ZAO Areximbank - Gazprombank Group is a member of a mortgage programs funded by  German bank KfW, it is also a member of the National Mortgage Program and a government  program  called Affordable housing for young families. In 2010 it provided $2.5 million for mortgage lending.

ZAO Areximbank - Gazprombank Group was founded in 1998 and is owned fully by Russian Gazprombank.-0-