YEREVAN, May 30. /ARKA/. The Russian Gazprombank-owned Areximbank-Gazprombank Group in Armenia has revealed in a press release today its plan to step up consumer lending this year and increase its retail portfolio to 20.1 billion drams.

Armen Hambardzumian, head of the bank’s retail lending unit, was quoted as saying that Armenian banks are seeking to diversify consumer lending as a way to reduce risks and generate additional income. He said this in turn has boosted the competition in the market bringing about demand for new products and offers.

"Today virtually all the banks offer the same lending products. The competition is for reducing the number of documents customers are required to have and the longevity of the repayment period,’ he said.

According to Hambadzumian Areximbank-Gazprombank Group constantly improves terms of lending trying to simplify the procedure for registration and issuance of loans.

According to the press release, in the first quarter of 2013 the bank’s outstanding loans amounted to 93.9 billion drams, an increase of 14 percent (11.4 billion drams) from a year earlier. Consumer lending accounted for 20 percent or 18.3 billion drams of the total lending, growing almost 16% in the first three months of 2013.

Areximbank - Gazprombank Group was founded in 1998. In 2007 it was acquired by Russian Gazprombank. The Bank runs 16 branches in Armenia, including 9 in provinces and 7 in the capital. ($ 1 - 416.71 drams). -0-