YEREVAN, March 19, /ARKA/. Areximbank-Gazprombank Group said it plans to triple its assets to $300 million by 2012 and increase its credit portfolio by 350 percent. The bank’s press office said this decision was made at a recent sitting of the bank’s board attended also by representatives from Russian Gazprombank.

A press release by the bank said a number of concrete steps to that end were made already. Particularly, the bank raised its capital last year by 3.85 billion Drams. The move was promoted by the need for increasing its credit portfolio and winning new corporate clients. The bank also attracted a 3.85 billion subordinated loan from the Central Bank of Armenia.

Currently the bank’s aggregate capital totals 16 billion Drams. According to ARKA data, late last year its assets stood at 39 billion Drams,. liabilities at 25 billion Drams, total capital at 14 billion Drams, chartered capital at 12.3 billion Drams, credit investments reached 21.4 billion Drams, liabilities to clients were 19.7 billion Drams. The bank earned last year 199.2 million Drams in net profits. It has 15 branches, 6 in Yerevan and 9 in regions. ($1 – 400,10 драма). M.M. -0-

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Tags: AREXIMBANK, ASSETS, Gazprombank

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