Deputy CEO of Areximbank-Gazprombank Group CJSC Vigen Barseghyan said that the bank will allocate $6.5mln for mortgage development.

“In 2011, we are going to do our utmost for active implementation of programs on mortgage lending,” he said.

According to Barseghyan, a large bank should not keep away from any type of banking business, while normal bank’s portfolio should be diversified. “That’s why we are not going to reject lending to individuals,” he said.

Barseghyan noted that the bank has been operating in the market of mortgage lending for several years, has a good experience and periodically decreases interest rates for mortgage loans.