YEREVAN, May 11, /ARKA/. Combined liabilities of Armenian commercial banks as of March 31, 2011 grew by 7.64% or 93.7 billion drams from the beginning of the year to 1.319.3 trillion drams. The growth from the same period of time in 2010 was 17.55%, according to an analysis made by ARKA news agency.

The leading bank by size of liabilities was ACBA Credit Agricole Bank whose overall liabilities grew by 0.52% to 129.4 billion drams. This bank accounted for 9.81% of the combined liabilities of all banks. Second was Ameriabank with 127.8

billion drams worth liabilities which made 9.69% of the combined liabilities of all banks.

HSBC Bank Armenia with 123 billion drams worth liabilities was third. It accounted for 9.32% of all liabilities of the banking sector. Armbusinessbank was fourth with about 112.9 billion drams ( 8.56%) and Bank VTB (Armenia) was fifth with 106.5 dram worth liabilities (8.07%). These five banks accounted for 45.51% of all liabilities.

Mellat Bank was the leader in terms of liabilities growth in the first quarter of this year. They grew by 64.26% to 41.1 billion drams. Areximbank –Gazprombank Group’s liabilities increased by 25.01% to 65.7 billion drams and the Armenian Development Bank was third with a 19.71% growth. Its total liabilities rose to 18.3 billion drams.

There are 21 commercial banks in Armenia operating 441 branches. ($1 – 372.46 drams).-0-