EBRD suspends talks on walking out of an Armenian bank

20.10.2011 13:22
EBRD suspends talks on walking out of an Armenian bank

YEREVAN, October 20. / ARKA /. The European Bank for Reconstruction and Development (EBRD) is not considering removing its share from the capital of an Armenian bank, head of EBRD Yerevan Office, Valeriu Razlog, said a press conference on Wednesday. He said such talks had been held earlier, but now they are suspended, ‘and we decided to preserve our share in that bank," but declined to name it.

EBRD is a shareholder in Araratbank, Armeconombank, Byblos Bank Armenia, as well as in German ProCredit Bank that has a subsidiary here.

Mr. Razlog refrained from making any forecast about this issue for the next three years. He said apart from having interests in four Armenian Banks, EBRD has also shares in several local companies dealing with pharmaceuticals, agribusiness and telecommunications.

In turn, a member of the EBRD Board of Directors delegation, Kurt Bayer, said EBRD does not stay for ever in companies; it assists them usually for -6 years after which it is up to these companies to decide whether they need EBRD as a shareholder any longer.

EBRD invests in Armenia since 1992. The Bank is currently developing a new strategy for Armenia for 2012-2015.  -0-


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