YEREVAN, OCTOBER 30, NOYAN TAPAN. During 8 months of its activities, Armenia-based ProCredit Bank (www.procreditbank.am) has formed a credit portfolio of 24 million USD and a deposit portfolio of 6.1 million USD. The head of the bank's Unit of Banking Services Alexey Paniklov announced this at October 30, adding that Armenian ProCredit Bank currently has 4 thousand customers. In his words, the rates of the bank's development are in line with the development rates of ProCredit Holding's newly-created banks in other CIS countries. For example, Moldova's ProCredit Bank, which was established on the basis of a financial company that had operated in that country for 8 years, has almost the same growth rates of its deposit portfolio as Armenia's ProCredit Bank. According to A. Paniklov, Armenian ProCredit Bank has not perceived the impact of the international financial crisis which is seen from the fact that the statistical indices on trust in the bank and provision of services to customers have not changed before the crisis and during it. ProCredit Bank has 3 branches in Yerevan and one in Vanadzor. Another branch will open in Yerevan soon. It is envisaged expanding the network of the bank's branches towards marzes (provinces). "ProCredit Bank intends to open branches in all Armenian marzes because its activities target the whole population by all the income groups," A. Paniklov said. Armenia's ProCredit Bank CJSC started operating in February 2008, with an authorized capital of 5 bln 790 mln drams (about 18 mln 935.2 thousand USD), in which ProCredit Holding's share makes 66.66%, the share of German KfW Bank - 16.67%, and that of EBRD - 16.67%.

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