Head Of Central Bank Of Armenia Qualifies Entry Of Lebanese Credit B


2009-07-06 21:26:00

ArmInfo. The entry of Lebanese Credit Bank into the Armenian banking
market shows the confidence in the economic policy conducted by the
Armenian authorities, particularly, over the period of the financial
and economic crisis, as well as in the financial system of a specific
financial organization, Chairman of the Central Bank of Armenia (CBA)
Artur Javadyan said during the presentation dedicated to the entry
of the Lebanese Credit Bank into the capital of "Anelik Bank". The
Lebanese Credit Bank acquired 51% of "Anelik Bank" shares. Javadyan
qualified the entry of Credit Bank as the new shareholder of "Anelik
Bank" into the Armenian financial market as "a big event in the
economic life of Armenia" and pointed out that the high level of
confidence in Armenia’s financial system is also confirmed by the
fact that the Lebanese Central Bank permitted directing his bank’s
investments to another country. "We have established warm relations
with the Lebanese Central Bank, and the response we have received about
the Credit Bank is quite positive",- Javadyan stressed. According
to him, the Lebanese Credit Bank founded in 1981 is dynamically
developing and holds the leading position in provision of certain
types of banking services. "The given bank holds its own flexible
position in the Lebanese banking system and is a brand bank", he said.

Speaking of "Anelik Bank", which has been operating for almost
20 years, Javadyan pointed out that over the difficult years of
complication of the payment communication and operation process,
Anelik has become the first payment system of Armenia to ensure
financial relations with Diaspora. He said that "Anelik Bank"
participates in over 10 international programs, cooperates with almost
all international financial structures represented in Armenia, has
a big work experience in development of small and medium business,
and has its own position in the Armenian banking system. "This is the
only bank in Armenia, which also has its branch in Russia via Anelik
RU",- Javadyan stressed. The CBA head thinks that as a result of
the two banks’ transaction, the corporate management system formed in
"Anelik Bank" will become even better, the range of the bank tools will
be expanded with the Lebanese banking market tools, and the bank’s
risk assessment system will be replenished with new procedures. "The
obligations of the given structure are growing, and we hope that in
the future it will operate in the financial market of Armenia more
aggressively, obtain big profit and make the financial services more
available for public",- Javadyan stressed and added that the CBA will
support "Anelik Bank" in every possible way.

For his part, Chairman of Board of "Anelik Bank" CJSC Samvel Chzmachian
said: "The transaction of is of a great positive importance not only
for both parts but also for the whole financial system as far as
such significant capital investment in a private transaction in the
times of world financial crisis proves trust of foreign investors to
the banking system of Armenia and Armenian entrepreneurs". Due to
the alliance of "Anelik Bank" and Lebanese Credit Bank, the bank’s
capital has grown over 2.5 times up to 14.3 billion AMD and the bank
has joined the top five banks of Armenia with its capital.

"We are glad as our development within the frames of collaboration
with Credit Bank takes a new level. We have considerate expansion
possibilities with a reliable strategic partner and now we are
joining a leading Lebanese bank with a progressive experience and
knowledge of banking. We are sure that the partnership will promote
further successful activity and will allow us to enter new markets and
expand the spectrum of banking products offered to our customers",
he added. As for the Lebanese party, Lebanon- Armenia-Russia direct
relations have been created due to the fact that "Anelik RU" branch of
"Anelik Bank" has been operating in the center of Moscow since 1992 and
has a good opportunities for development of Lebanese-Armenian banking
business. Chzmachian also added that the share of each of the bank’s
four shareholders has decreased from 25% to 12.25% (Artur Arakelyan,
Samvel Chzmachian, Galina Voronina and Armen Ghazaryan). Speaking of
possible re-branding, Chzmachian said that probably "Anelik Bank"
will preserve its brand. "Anelik is a strong brand working in over
200 well-known banks in 100 countries",- he stressed.

"The transaction with "Anelik Bank" CJSC is a unique chance for Credit
Bank to expand access to the best possibilities available on markets
of Armenia, Russia, and the CIS countries. We are glad to take these
opportunities together with the reliable and respected Armenian bank
which we have known for several years already", -said Chairman of
Credit Bank Board of Directors and General Manager Tarek Khalife.

Hakob Gasarchyan, the new chairman of "Anelik Bank" Board, who
represents the Lebanese party, said that the Armenian community of
Lebanon is of big importance for the country, and the Lebanese capital
should be directed to Armenia as well. At the same time, he expressed
confidence that the Lebanese and Armenian banking systems ave a lot of
similarities. This is proved by the fact that Armenia and Lebanon are
overcoming the consequences of the current global crisis, he stressed.

Chairman of Board of the Moscow-based "Anelik RU" Armen Ghazaryan
positively estimated the transaction of the two banks. He said
Anelik remittance system is available in 90 countries, and due to
Credit Bank its geography will be expanded in the Arab world as
well. He added that a contract on cooperation under Anelik system,
which is currently being considered by Credit Bank, will shortly be
signed. "We consider Credit Bank to be a carrier of ideas of money
transfers in the Arab world", he said.

To recall, "Anelik Bank" was founded on July 9, 1990, registered
on October 1, 1991, and provided with general licence of CBA in
October 1996.