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Armenian Anelik Bank Intends To End This Year With Profit

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  • Armenian Anelik Bank Intends To End This Year With Profit

    ARMENIAN ANELIK BANK INTENDS TO END THIS YEAR WITH PROFIT

    /ARKA/
    July 8, 2009
    YEREVAN

    YEREVAN, July 8. /ARKA/. Armenian Anelik Bank intends to end this
    year with profit, Samvel Chzmachyan, chairman of the bank's board,
    said at a press conference on Monday.

    In his words, the bank is going to take money from the Russian bailout
    loan for Armenia.

    Anelik Bank CJSC built up its capital by AMD 15 billion thanks to
    strategic alliance with Lebanese Credit Bank, whose investments in
    the bank's capital will total AMD 9 billion.

    Tarek Khalife, chairman of Credit Bank's directorial board, said that
    profit is a short-term goal, while the bank is focused on long-term
    goals.

    Anelik Bank was established on July 9, 1990 and registered on
    October 1991.

    In October 1996, the bank received a general license from Central
    Bank of Armenia.

    Four individuals held the bank's shares.

    The bank's assets totaled AMD 38.2 billion, liabilities AMD 32.5
    billion, credit investments AMD 20.4 billion and liabilities to
    clients AMD 12.4 billion by March 31, 2009.

    Now, 51% of Anelik Bank's shares belong to Lebanese Credit Bank and
    four individuals hold 12.25% each. They held 25% before.

    Credit Bank is one of the leading banks of Lebanon. The bank's assets
    total $1 billion.

    The bank is a member of Union of Arab Banks.

    Credit Bank's appearance in Armenia was due to development of Arme
    nian-Lebanese relations and the Arab world's interest in Armenian,
    Russian and CIS markets. ($1 = AMD 361.27).
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