Byblos Bank to intensify activity in 2011

PanARMENIAN.Net - Dr. Francois S. Bassil, Chairman and General Manager of Byblos Bank Group, said that after the stage of formation, the bank considers 2011 as a year of the actual launch of the bank’s activity in Armenia.

To this end and with a new leadership, the bank intends to develop its credit portfolio, focusing on SME, Bassil told a press conference in Yerevan.

“We are going to facilitate companies’ development in the field of industry and export, thus decreasing the country’s dependence on import,” he said.

According to Bassil, the head company of Byblos Bank Group is also ready to assist programs development. It already allocated long-term funds at the amount of $10mln this year. “Recently, we reached an agreement on obtainment of another two credit lines from EBRD and OPEC Fund for International Development - $5mln each,” he said, adding that the volume of retail lending is also envisaged to be increased, with a specific focus on mortgage lending.

CEO of Byblos Bank Armenia Ararat Ghukasyan said that the credit portfolio of the bank will total around $12.5-13mln by the end of 2010 that is 42% higher compared to the index of last year. And minimum 60-70% growth should be recorded in the portfolio ion 2011.