Byblos Bank Armenia keeps it promise: a state-of-the-art branch in the earthquake zone

Byblos Bank Armenia, Yerevan, July 21, 2011: Yesterday Byblos Bank Armenia opened a state-of-the-art branch in Vanadzor, in the earthquake zone during a ceremony attended by a delegation of Byblos Bank Group, representatives from Central Bank of Armenia, Mayor’s office, Bank’s Management, important corporate clients, partners, media and other guests. The new branch, which is launched in a prime location, confirms the Bank’s engagement to extend its high-quality products and services to the residents of the earthquake area and to efficiently contribute to the local economy’s prosperity.
 
Mr. Alain Tohmé, Member of the Board of Directors of Byblos Bank Group, said: “Our commitment towards Armenia and the Armenian people remains true and we look forward to playing a key role in the development of Vanadzor and its nearby areas”. He added: “Our establishment in Armenia in 2007 was not a hazardous step but a planned one because we know that there is room for long-term growth and investment. Today, our strategy is gaining traction and the purchase of the Vanadzor premises is a clear sign of our long-term commitment.”

Mr. Ararat Ghukasyan, CEO of Byblos Bank Armenia, said: “As an Armenian banker, I am extremely pleased to be part of Byblos Bank Group. We are now able to reach the northern regions of Armenia through our modern branch in Vanadzor. Our aim is to encompass the Lori, Shirak and Tavush regions. Our expansion strategy also includes the opening of a new branch in Komitas that will be operational by the end of the year.”

It was last year, on the 1988 Earthquake’s Remembrance Day, that Byblos Bank Armenia announced its will to expand and invest in Vanadzor. In keeping with its international quality, the new branch has been furbished according to Byblos Bank Group standards. Through 10 new work stations, a trained staff offers friendly and professional banking services such as corporate and consumer lending, with an emphasis on small and middle enterprises. The purpose is to boost the growth of small businesses and sustain them.

Byblos Bank Group is an international financial institution that operates in 12 countries: Armenia, Lebanon, France, United Kingdom, Belgium, Cyprus, Iraq, Nigeria, Sudan, Syria, United Arab Emirates, and Democratic Republic of the Congo. In 2010, the Group’s consolidated net profit increased by 22.1% to USD 177.7 million as compared to 2009, total assets increased by 12.6% to USD 15.3 billion, and customers’ deposits grew by 15.6% to USD 11.9 billion. This year, Byblos Bank also posted the highest rise in Tier One Capital among Lebanese banks and jumped 58 places in The Banker Magazine’s ranking list of the Top 1,000 commercial banks in the world.