Gazprombank’s total lending to Areximbank – Gasprombank Group reaches $100 million

Banks

YEREVAN, May 22. /ARKA/. Gazprombank LLC has lent more than $100 million to Areximbank – Gasprombank Group up to date, the bank’s press office reported on Tuesday.

Of this amount, $50 million has been lent for modernization of the 5th unit of Hrazdan Hydro Power Plant, and the remaining money has been intended for onlending to corporate clients and small and medium entrepreneurs.

Gazprombank LLC has been holding 100% of Areximbank – Gasprombank Group’s shares since 2007.

Gazprombank built up its authorized capital by $20 million in 2008 and by $10 million in 2009.

The bank’s authorized capital amounted to $31.5 million in late April 2012. Gazprombank intends to enlarge it again by $10 million this year.

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.

Areximbank – Gazprombank Group is a member of VISA International and MasterCard International payment systems as well as local ArCa payment system. -0-

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