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Byblos Bank Armenia completes its three years of operations and engages to more development in the earthquake zone


Armenia, Yerevan. December 7, 2010 - The Board of Directors of Byblos Bank Armenia and Byblos Bank Group held their Annual General Meetings on December 7 to discuss the strategy of the Bank's international and local operations. The short summary of Byblos Bank Armenia's three years of operations in Armenia and the plans on further expansion in the Republic came in an announcement at press conference held on December 7.

The press conference that followed the annual meeting at Armenia Marriott Hotel was led by Dr. François Bassil, the chairman of Byblos Bank Group and Byblos Bank Armenia CJSC Board, with the participation of the following speakers: Mr. Ararat Ghoukasyan, Byblos Bank Armenia CEO, Mr. Alain Tohme, Byblos Bank Armenia CJSC Board Member, and Alain Wanna, Byblos Bank Armenia CJSC Board Member. The EBRD shareholder was also present.

As an international financial institution, Byblos Bank Group currently operates in 12 countries, such as Armenia, Belgium, Congo, Cyprus, France, Iraq, Lebanon, Nigeria, Sudan, Syria, UK, UAE.
"It was in 2007 that our Bank first established a foothold in Armenia, a country that we hold so dear to our hearts. Armenia and Lebanon have always maintained strong ties and share many common qualities." Said Dr. Bassil while presenting the prospects of the expansion of Lebanese Byblos Bank Group.

"After an initial stabilization period, we are looking to 2011 to being the year of our "real" start in Armenia," said the Chairman. Byblos Bank Armenia will offer new services such as commercial loan portfolio, with an emphasis on Small and Middle Enterprises.

"Our objectives are to grow, go beyond Yerevan. It is symbolic, that today on the 1988 Earthquake's Remembrance Day, we are announcing our expansion and investment plans in Vanadzor, which was one of the regions severely affected by the earthquake," highlighted Dr. Bassil. The opening of the Vanadzor branch at a new location will offer news jobs for the residents of the earthquake-struck areas.

The Chairman then concluded by expressing his confidence that ‘Byblos Bank Group's unwavering long term commitment will actively contribute to the economic prosperity of Armenia.' This process will also contribute to ‘developing even stronger relations between the peoples of Armenia and Lebanon.'