Tuesday, December 7 2010 18:38

Byblos Bank Armenia is planning to increase its SME lending portfolio


ArmInfo. In 2011 Byblos Bank Armenia is going to increase its SME lending portfolio from 40% to at least 60%-70%, CEO of Byblos Bank Armenia Ararat Ghukasyan said during a press-conference today.

He said that by the end of this year the bank's SME lending portfolio will amount to 12.5bln AMD-13bln AMD. "In 2011 we will focus on small and medium-sized companies as well as export oriented industries," Gukasyan said.

A few days ago the bank finalized its negotiations with EBRD and OFID for borrowing $5mln from each of them. The first tranche is to be received in mid Dec 2010, the second one - in Feb 2011. The money is to be spent on SME support. The repayment period is 5 years plus quite loaw interest rates.

Chairman of the Board of Byblos Bank Armenia and CEO of Byblos Bank SAL (Lebanon) Francois Seman Bassil said that Byblos Bank SAL has already provided Byblos Bank Armenia with $10mln for intensifying its corporate lending activities.

He said that the goal of Byblos Bank Armenia is to foster economic growth in Armenia and to enlarge its presence not only in Yerevan but all over Armenia. The bank has obtained a building in Vanadzor and in early 2011 is going to open a new branch there.

In 2007 100% of ITB were bought by Byblos Bank SAL (Lebanon). ITB was renamed into Byblos Bank Armenia. Today Byblos Bank SAL holds 65% stake in the bank, EBRD - 25%, OFID - 10%. The consolidated assets of the bank exceed $16bln, the authorized capital - $1.5bln. As of Oct 1 2010 Byblos Bank Armenia had 3 branches (2 of them in Yerevan).
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