ITAR-TASS, Russia
March 24 2004

Russian bank gets controlling stake in Armenia’s Savings Bank

YEREVAN, March 24 (Itar-Tass) – Russia’s foreign trade Vneshtorgbank
(VTB) is expected to become the owner of a 70 percent stake in the
Armenian savings bank Armsberbank.

VTB Presiden, Andrei Kostin, is expected to sign documents on
finalizing the acquisition.

He will also meet with Armenian government officials to discuss the
prospects for bilateral economic ties.

Mikhail Bagdasarov, one of Armenia’s leading business people and
Armsberbank president, believes the deal with the VTB will unite
business in the two countries and will give it a solid financial
backing.

He said the VTB planned to boost Armsberbank’s registered capital
fourfold to fivefold, as well as to increase the list of its
services.

Bagdasarov believes that the arrival of a large Russian bank in
Armenia is essential for normal development of business relations
with Russia.