"Anelik Bank" increases its capital by 2.5 times

PanARMENIAN.Net - "Anelik Bank" will increase its capital by 2.5 times after entering into alliance with Lebanese Credit Bank, which has acquired 51% of Armenian bank's shares, "Anelik Bank" CJSC's Board Chairman Samvel Chzmachian told a news conference. Earlier, the bank enjoyed the reputation of Armenia's best labor bank, because since its inception, it generated its capital due to its own work and its own income, he said. "Only during the recent years when Armenia's banking system became more attractive to foreign investors, we started to fall behind the paces of its development," he said. In that period, the bank faced the need of increasing its capital, and was lucky enough to find a an investor like the Lebanese Credit Bank. "The transaction is advantageous to both "Anelik Bank" which will increase its capital by 2.5 times and the Lebanese Bank. There's a special connection between Lebanon Armenia and Russia, because our subsidiary bank has been operating in Russia for many years."



Armenian bank's board chairman stressed the great positive importance of the transaction, especially in crisis circumstances.

In his turn, Credit Bank's board chair Tarek Khalife added that the process of acquiring "Anelik Bank's" shares started much before the world crisis. "Crisis is a temporary phenomenon, while our transaction has long-term perspectives," he said, adding that the transaction will help the bank to develop with new assets because the new shares acquired will help the bank increase its capital by AMD 15 billion. In that connection, Khalife said that Armenia's economy and banking system will develop, making the country a banking centre on CIS territory.

According to the Lebanese Bank's board chair, the deal will help increase the level of services rendered.

Khalife expressed gratitude to RA Prime Minister Tigran Sargsyan, "Anelik Bank's" board chairman Samvel Chzmachian and all other interested parties.