YEREVAN, August 31. /ARKA/. Russia’s Gazprombank company intends to expand its business  in Armenia, Deputy Chairman of  Gazprombank Management Board Nikolay Korenev said Friday at the meeting with Armenian PM Tigran Sargsyan in Yerevan.

“Armenia’s Prime Minister welcomed such initiative and noted that this step will foster competition growth and development in the banking system ,” the government reported to ARKA.

“We hope our meetings will enhance our bilateral cooperation and activate the implementation of joint programs in the banking system,” Mr. Sargsyan said.

At the meeting the sides discussed commercial-economic programs between Armenia and Russia which are prepared by the Armenian-Russian intergovernmental commission, perspectives for development of Yerevan’s Nairit Chemical Plant, as well as the issues related to Armenian-Russian regional forums which may involve Gazprombank.

Gazprombank bought 80% stock of Areximbank in November 2007. In July 2008 Gazprombank obtained 94.15% stock of Areximbank. In 2008 Gazprombank became the owner of 100% stock of Areximbank.

Areximbank-Gazprombank Group CJSC (former Areximbank, renamed on June 12, 2009) was established in August 1998 for supporting entrepreneurship and serving financial flows between Russia and Armenia. E.O.—0--