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Credit Bank (Lebanon) Buys Controlling Stake In Anelik Bank

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  • Credit Bank (Lebanon) Buys Controlling Stake In Anelik Bank

    CREDIT BANK (LEBANON) BUYS CONTROLLING STAKE IN ANELIK BANK

    ArmInfo
    2009-05-01 00:39:00

    ArmInfo. Credit Bank from Lebanon is going to buy a controlling stake
    in Anelik Bank, reports a reliable source from the banking sector
    of Lebanon.

    The cost of the deal is 9bln AMD. Credit Bank has already transferred
    half of the sum to Anelik Bank's account at the Central Bank of
    Armenia. The deal is supposed to be finalized by early June 2009.

    To remind, at first Credit Bank was planning to open its own bank in
    Armenia, Cedrus, with capital of 5.5bln AMD. Even though the bank
    has received the CB's preliminary consent to its plans, because of
    the crisis, it has decided to buy a stake in the local bank. The key
    advantage of Anelik Bank is that it has own money transfer system.

    Credit Bank is going to buy a 51% stake in Anelik Bank. After the
    deal is finalized the capital of Anelik will grow to 14.3bln AMD -
    one of the five biggest capitals in Armenia's banking sector. The
    purchase of controlling stake in Anelik implies control over its
    money transfer system.

    Anelik Bank was established July 9 1990 and registered Oct 1 1991. In
    Oct 1996 it was granted the CB's license.

    Apr 1 2009 the capital of the bank totalled 5.6bln AMD, assets -
    38.2bln AMD, deposits by individuals - 8bln AMD, credits - 19.1bln AMD,
    accrued profit - 884mln AMD. The bank has 10 branches (5 in Yerevan and
    5 in the regions) and money transfer subsidiary in Moscow - Anelik.Ru.
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