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Byblos Bank opens new branch in Vanadzor

Business
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Byblos Bank Armenia opened a new branch in the city of Vanadzor. The opening ceremony was attended by representatives of Lori Marzpetaran, Vanadzor Municipality, Central Bank, bank's management, major corporate clients, colleagues, journalists and guests.

The new branch, which will operate in the city center, shows the bank's determination to expand its high-quality services in the earthquake-stricken area and promote economic growth.

"Our commitment to Armenia and its people is completely sincere and we hope to have a key role in the development of Vanadzor and its environs," said Alain Tohme, Byblos Bank Armenia CJSC Board member.

"It was in 2007 that our Bank first established a foothold in Armenia. The opening of Byblos Bank Armenia was not a dangerous but a well-planned step, as we knew that it would provide an opportunity for sustainable growth and investment. The Vanadzor branch is a testament to our strategic commitment," he added.

"As a banker, I am glad that as part of an international bank we can serve not only Yerevan citizens but also residents of Armenian northern regions, including Lori, Shirak and Gegharkunik. We are planning to open a new branch Yerevan," Byblos Bank Armenia CEO Ararat Ghoukasyan said for his part.

In 2010, on the 1988 Earthquake's Remembrance Day, Byblos Bank Armenia announced about its plans to expand services and investment programs in Vanadzor. Today the Vanadzor office announces ten new working places and offers high-quality financial services to the residents of the earthquake-affected area.

As an international financial institution, Byblos Bank Group currently operates in 12 countries - Armenia, Lebanon, France, UK, Belgium, Cyprus, Iraq, Sudan, Nigeria, Syria, UAE and Congo.

In 2010, Byblos Bank posted the highest rise in Tier One capital in 2010 among Lebanese banks whose Tier One capital exceeds $1bn. The bank also ranked the 58th Top 1000 commercial banks in the world published by The Banker magazine.