Yerevan/Mediamax/. Past 3 years were a stage of formation for “Byblos Bank Armenia”, and the year of 2011 will become a year of starting real activity, Chairman of the Bank’s Board Francois Bassil stated today.

Mediamax reports that, speaking at a news conference in Yerevan today following the results of the annual meeting of the bank’s shareholders, Francois Bassil stated that the new management of the bank is set the task to develop business crediting with a special emphasis on funding SME segment and export-oriented enterprises.

General Director of “Byblos Bank Armenia” Ararat Ghukasyan informed that in 2010 credit portfolio of the bank increased by 42%, making about 13bln AMD. “In 2011, growth of the credit portfolio will be more dynamic and is planned at the level of 60-70%”, Ararat Ghukasyan stated.

Francois Bassil informed that in addition to USD 10mln, provided to the Armenian bank by parent Byblos Bank, in the nearest future they will receive USD 5mln each from other shareholders of the bank – European Bank for Reconstruction and Development and Fund for International Development of the Organization of Petroleum Exporter Countries, which will be directed at development of corporate crediting.

Francois Bassil also noted that in the course of the next 3 years, the bank will open one branch each year, the first of which will be the branch in Vanadzor in the beginning of 2011.