Central Bank of Armenia highly estimates ProCreditBank's role in Armenian economy

According to him, the Armenian authorities point out the necessity to
stimulate the development of small and medium-sized entrepreneurship,
and in this respect, the experience and technologies of ProCredit are
important for Armenia. "Having functioned in Armenia for 2 years,
ProCreditBank is already holding stable positions in the banking
system and ensures aggressive growth",- he stressed. In particular,
if the assets of the Armenian banking system grew by 30% in 2009, the
assets of ProCreditBank increased by 66%.

At the same time, Gabrielyan pointed out that the year 2009 turned
out to be hard for the financial system due to the crisis phenomena,
however, despite this, the banking system directed considerable funds
to the economy, thanks to which the summary credit portfolio grew by
14%, moreover, ProCreditBank alone demonstrated 74% growth in its
credit portfolio. "The faith in the fact that ProCreditBank will be
even more active in crediting, satisfying the needs of small and
medium enterprises, and stimulating the economic growth is of much
importance",- he said.

Executive Director of ProCreditBank Armenia Bertolt Hertzfeldt said
that in the past two years the bank has made serious achievements. He
said that ProCredit is not only a bank for small and medium-sized
business but also for people living and working near its branches.
The bank offers its customers transparent and favorable terms and is
proud to have achieved such good results in such a short period of
time. Hertzfeldt hopes that in 2010 ProCreditBank will make even
biggest achievements.

ProCreditBank Armenia is member of ProCredit Group, a structure
consisting of 22 financial entities in Eastern Europe, Africa and
Latin America, which are controlled by the head office in ProCredit
Holding AG (Frankfurt). Starting up in Armenia with an authorized
capital of 5.79bln AMD, in late 2008 ProCredit Bank increased it by
300mln AMD to 6.090bln AMD. As a result the stake of ProCredit
Holding AG made up 67.49%, the stake of KfW - 15.84% and the stake of
EBRD - 16.67%.

According to ProCredit Bank, presently, its credit portfolio totals
$32.4mln, while the deposit portfolio - $18.3mln. The clientele
amounts of 9,700. In the past two years the bank opened eight
branches all over Armenia: five in Yerevan and the other three in
Vanadzor, Gyumri and Artashat.