Yerevan, October 20 /Mediamax/. The Norvik credit organization, which started its work in Armenia in late September, expects to annually increase its credit portfolio by $20mln.

Mediamax reports that the President of АО LATEKO BANKA Andrei Svirchenkov said this in Riga.

Norvik, the authorized capital stock of which makes $500 thousand, is the subsidiary of the Latvian-Icelandic LATEKO BANKA.

Andrei Svirchenkov stated that the main spheres of functioning of Norvik are to be the mortgage and consumer crediting. By the end of the year the Company plans to give out credits of $10mln.