Friday, May 7 2010 19:53

Byblos Bank Armenia intends to launch special products for its foreign clients


ArmInfo. Byblos Bank Armenia is going to shortly launch products specially worked out for its foreign clients, said Hayk Stepanyan, Head of the Finance and Administration Department of Byblos Bank Armenia.

According to him, at present the bank is actively working with foreign individuals from the countries where its shareholder – Byblos Bank SAL – is represented. In particular, in its work with these clients the bank focuses mainly on attraction of deposits to Armenia. "This concerns countries of both Arab world and Europe",- he said.

At the same time, Stepanyan said that as of 1 April 2010, the portfolio of the bank's deposits amounted to 6.6 bln AMD (of them 5.2 bln being time deposits), having increased by 150% as compared with the same period of 2009.

To recall, in early autumn 2007,100% of ITB bank's shares were bought by the Lebanese banking holding Byblos Bank SAL, afterwards the bank was renamed into Byblos Bank Armenia. At the moment Byblos Bank SAL is the holder of 65% of Byblos Bank Armenia shares, and the rest belongs to EBRD (25%) and OFID (10%).
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