Monday, October 7 2013 22:04
Obtaining sole ownership of Anelik Bank, Credit Bank S.A.L. decides to boost retail services and SME finance at Bank
ArmInfo. Anelik Bank has obtained a new strategy where retail services and SME finance will be priority dimensions. The new strategy was announced after CreditBank S.A.L. increased its share in the bank from 89.95% to 100%, Nerses Karamanukyan, newly appointed Chairman of the Anelik Bank Board, said at an official reception on 7 October.
"The Bank will be focusing on private customers. For this purpose, new products developed in cooperation with CredtBank S.A.L. will be announced till the end of the year," Karamanukyan said. Along with this, the Bank will continue to operate in the Anelik system offering new money transfer services. In addition, the Bank will join other money transfer systems. Successful fulfillment of the above tasks will enable the Bank to significantly improve its positions within few years and become one of the top five banks in the country, he said.
Tarek Joseph Khalife, Chairman & General Manager of Credit Bank S.A.L., in turn, expressed readiness to render every assistance to Anelik Bank to this end.
In 2009, CreditBank sealed a deal to subscribe to a capital increase in Anelik Bank CJSC, a bank incorporated in Armenia, leading to an ownership of 51% of Armenian bank - Anelik CJSC. The shares of the previous four private shareholders fell from 25% to 12.25%. In 2011 CreditBank S.A.L. increased the stake to 69.5%. As a result, the share of one of the private shareholders fell to 6%. In Q3 2012, CreditBank S.A.L. increased its share to 89.95%. Only one of the previous private shareholders, Samvel Chzmachyan, retained his share in the bank with some reduction to 10.05%. Chzmachyan sent in his resignation from the position of Anelik Bank Board on Sept 2 2013 following his election as Chairman of the Union of Armenian Banks. Moscow subsidiary of Anelik Bank, Anelik,RU was alienated in Dec 2012 and transferred to Lebanese CreditBank S.A.L. The latter has been operating in the financial market of the Middle East for over 30 years and holds $2.5 bln assets and services 20 branches in Lebanon.
According to ArmInfo's Financial Rating of Armenian Banks, total capital of Anelik Bank amounted to 13.4 bln drams on Jul 2013, with the statutory capital totaling 14.3 bln drams. Assets of the bank amounted to 63.9 bln drams, credit exposures - 36.4 bln drams, liabilities - 50.5 bln drams. The bank's loss was reduced to 1.1 bln drams for the first half of 2013 versus 1.5 bln drams in 2012. The bank's net profits in 2011 totaled 145 mln drams.
Reference: Nerses Karamanukyan - Managarial in Financial Services and Mining Industry. Now Freelance Business Analyst. General Manager Caucasus at Lydian International Limited in 2011 - 2012. Chairman of the Management Board/CEO at Ardshininvestbank CJSC 2009- 2011, CEO of Commercial bank, Senior Country Officer, Head of Country Office IFC 1999 - 2009. Head of IFC Office in Armenia.
Expert: When there is no trust between private and public sectors, unfortunately, there is no need to talk about right decisions
Expert: Armenia should use Georgian, Turkish transit opportunities
Yerevan is trying to demonstrate to its Anglo-Saxon `bosses` its readiness to reduce economic cooperation with Iran - political scientist
Gevorg Mantashyan: High-Tech Ministry makes consistent efforts for emergence and progress of startups in Armenia
Bank of Georgia announces proposed acquisition of Ameriabank for $303.6 million