In September 2007, Byblos Bank S.A.L. announced its acquisition of a 100% stake in ITB (International Trade Bank), a bank incorporated in Armenia with 4 branches. The newly-acquired bank is operated as an independent subsidiary of the Byblos Bank Group under the name Byblos Bank Armenia CJSC.
Byblos Bank is the only Lebanese bank to operate in Armenia and will mainly focus on commercial and retail activities there. For Byblos Bank, Armenia in itself represents a very significant market with high potentials especially for retail and commercial activities; Byblos Bank Armenia will also answer the need to serve the Armenian Diaspora which is present in the USA, Europe, Lebanon, Syria and other parts of the world.
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