YEREVAN, June 2. /ARKA/. Areximbank-Gazprombank Group intends to further intensify its consumer lending and increase it to 17.6 billion drams in 2014, the bank’s press office reported.

Armenian banks started considering consumer lending diversification as a tool for risk reduction and profits, which, in turn, boosted the competition and formed a demand for new banking products and offers, said Gevorg Petrosyan, head of crediting and investments at Areximbank-Gazprombank Group.

Today banks do not differ very much in their consumer lending products and compete mainly in loan terms, lending process automation and shortening of the list of required documents, Petrosyan said. Areximbank as well is improving the terms and is trying to make the procedure as simple as possible, he said.

Areximbank – Gazprombank Group CJSC was established in 1998. The bank is a subsidiary of Russia’s Gazprombank OJSC.

The bank’s assts totaled AMD 170.8 billion and liabilities AMD 149.2 billion in early April 2014. Its loan portfolio amounted to AMD 89.9 billion and capital AMD 21.6 billion. Areximbank – Gazprombank Group’s 1st Q 2014 profit amounted to AMD 289 million – by AMD 143.1 million or 98% more than it gained in the same quarter a year before.

The bank has 16 branches, of which seven in Yerevan and nine in provinces. ($1- AMD 413. 28). -0--