Anelik bank builds up its capital thanks to strategic alliance with Lebanese Credit Bank

YEREVAN, July 7. /ARKA/. Anelik Bank built up its capital recently thanks to strategic alliance with Lebanese Credit Bank, whose investments in the Armenian bank’s capital will amount to AMD 9 billion.

“This alliance again showed confidence in the economic policy pursued by Armenian authorities. It is especially important amid the global crisis”, Armenian Central Bank Chairman Arthur Javadyan said at a press conference on Monday.

He said that this is the third bank, after Unibak and Armbusinessbank, who has enlarged its capital.

The chairman of the Central Bank of Armenia pledged support to Anelik Bank.

Samvel Chzmachyan, chairman of Anelik Bank’s board, said the capital has been enlarged more than 2.5 times, and as a result, the bank found itself among five banks with largest capital.

He also said that ties have been established among Lebanon, Armenia and Russia.

“Our bank opened a subsidiary, Bank Anelik Ru, in Moscow in 1992. This subsidiary has proper capacity to develop Armenian-Lebanese banking business”, he said.

Chzmachyan is convinced that the deal will be successful despite the global recession.

Tarek Khalife, chairman of Credit Bank’s directorial board, said that the bank’s decision to enter Armenian market and participate in Anelik Bank’s capital is based on the confidence that Credit Bank’s experience and Anelik Bank’s knowledge will propel their development.

He thinks that this combination will enlarge room for providing high-quality services to clients.

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 Armenian-Lebanese relations and the Arab world’s interest in Armenian, Russian and CIS markets. ($1 = AMD 361.27). M.V.-0---