ARKA News Agency
May 19 2004

CBA Council approves change of address of Ardshininvestbank branches

CBA Council approves change of address of Armsavingsbank branch

CBA Council registers two new branches of Armeconombank

Robert Kocharian and Karen Chshmaritian discuss programs in the
sphere of industry

RA PM receives EBRD President

EBRD President points out to progress in Armenian economic

RA President and the President of EBRD discuss the possibilities of
the bank’s participation in the economy of Armenia

First regional conference redam to be held in town of Artashat
(Armenia)

School mathematic Olympiad organized in Yerevan by initiative of
Embassy of I.R. Iran

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CBA COUNCIL APPROVES CHANGE OF ADDRESS OF ARDSHININVESTBANK BRANCHES

YEREVAN, May, 19. /ARKA/. CBA Council approved change of address of
Ardshininvestbank branches, CBA told ARKA. The new address of Sisian
and Kajaran branches is Sisian City, Sisakan-21 St. and Kajaran City,
Lernagortsneri-4 St.
Ardshininvestbank CJSC was set up May 25 2003 and received its
license (#83) Feb 27 2003. Ardshininvestbank On Nov 6 2003,
Armagrobank and Ardshininvestbank signed an agreement on purchase of
a part of the assets and commitments of Armagrobank by
Ardshininvestbank. Today, a network of 61 branches is functioning.
The founder of Ardshininvestbank is International Business Centre
Russian financial industrial group owning 100% of the bank’s shares.
Total capital of the bank as of March 31, 2004 made more than 3.9
billion AMD, authorized capital – 3 billion AMD. Assets – 23.2
billion, profit in result of Q1, 2004 – 275 million, balance profit –
975.6 million. ($1 – 555.37 AMD). L.D. –0–

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CBA COUNCIL APPROVES CHANGE OF ADDRESS OF ARMSAVINGSBANK BRANCH

YEREVAN, May, 19. /ARKA/. CBA Council approved change of address of
Armsavingsbank branch, CBA told ARKA. The new address of the banks is
Nor-Achn City, Charents-18 St.
Armsavingsbank was founded in 1923. Before the split of USSR in 1993
the bank was a part of State Savingsbank of USSR and then became a
specialized bank of RA. Registration date by CBA is 05.25.94. On Oct.
31, 1996 the bank received general license of CBA N64. On September
8, 2001 the government of Armenia passed a decree on privatization of
Armsavingsbank via its direct sale to ARCH Limited consortium
(Bahaman island) and MIKA Armenia Trading. In early 2003 the whole
shareholdings was transferred to MIKA Armenia Trading.
As of December 31, 2003 Armsavingsbank’s assets amount to AMD 20.3
bln, individuals’ time deposits – 5.7 bln. AMD, In the beginning 2003
the whole package of shares of the bank was transferred to MIKA
Armenia Trading owned by entrepreneur Mikhail Bagdasarov. ($1 –
555.37 AMD). L.D. -0–

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CBA COUNCIL REGISTERS TWO NEW BRANCHES OF ARMECONOMBANK

YEREVAN, May, 19. /ARKA/. CBA Council registered two new branches of
Armeconombank, CBA told ARKA. The Council made a decision to register
branches Kentron and Erebuni-1 on the following addresses – Yerevan,
Aram-3 St. and Yerevan Titogradian 14 St.
Armeconombank was registered August 26, 1991. The bank’s major
shareholders (30.73% shares) are the Sukiasians. At the moment the
bank has 24 branches. As of March 31, 2004, the profit of the bank
amounted to AMD 1327.7 million AMD, total capital made AMD 3286,8
million AMD. Total assets of the bank made AMD 18099 million AMD. ($1
– 555.37 AMD). L.D. –0

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ROBERT KOCHARIAN AND KAREN CHSHMARITIAN DISCUSS PROGRAMS IN THE
SPHERE OF INDUSTRY

YEREVAN, May, 19. /ARKA/. RA President Robert Kocharian and RA
Minister of Trade and Economic Development Karen Chshmaritian
discussed programs in the sphere of industry, process of
privatization and current activity of the Ministry. L.D. –0–

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RA PM RECEIVES EBRD PRESIDENT

YEREVAN, May 19. /ARKA/. Today RA PM Andranik Margarian received Jean
Lemierre, President of European Bank of Reconstruction and
Development. As RA Government Public relations and Press Department
told ARKA, during the meeting, the Head of RA Government mentioned
that Armenia remaining faithful to the selected way leading to
integration into European family and European values is ready to
close cooperation with EBRD for “solving of the problems on this way
step by step”. The Minister also expressed a hope that the
cooperation between Armenian and EBRD will be developing further.
In his turn, EBRD Head pointing out to tangible achievement of
Armenia in economic and other spheres, expressed a readiness to
support the country aimed at improving of the banking system,
building of market economy and democratization process. He attached
significance to setting up priorities of the joint work on the
current stage offering to concentrate attraction on the issues of
improving the business climate, development of the private sector and
directing banking loans to the real sector of economy.
As it is mentioned in the press release, the parties mentioned
importance of hypothec market development that to considerable extent
promotes solution of a number of social problems. Also, RA PM and
EBRD Head touched upon infrastructures , including increasing of
export volumes of medium sized enterprises, improving the situation
in eth sphere of communication and telecommunication, securing
alternative sources of energy. T.M. -0–

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EBRD PRESIDENT POINTS OUT TO PROGRESS IN ARMENIAN ECONOMIC

YEREVAN, May 19. /ARKA/. “The progress in Armenia is discernible”, as
Jean Lemierre, President of European Bank for Reconstruction and
Development (EBRD) stated on his press conference in Yerevan. “I was
in Armenia three years ago and today I see improving of macroeconomic
indicators of the country, progress in situation with the state debts
and fiscal policy.”, said Lemierre. He also mentioned that the
country also faces the problems. Particularly, in his words, the
development temps are not enough high, the are very many poor in the
country. He also stressed that for attraction of investments legal
regulation of business relations is very important. As the EBRD
President mentioned during his visit he had “very positive”
discussions with RA President, PM, CBA Head and private
entrepreneurs.
Jon May 18 Jean Lemierre, President of European Bank for
Reconstruction and Development (EBRD) arrived in Armenia in the
frames of his regional his visit The regional visit comes on the back
of a new EBRD initiative to support some of its poorest countries of
operations – Armenia, Azerbaijan, Georgia, Kyrgyz Republic, Moldova,
Tajikistan and Uzbekistan – where more than 50 per cent of the
population live in poverty. T.M. -0–

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RA PRESIDENT AND THE PRESIDENT OF EBRD DISCUSS THE POSSIBILITIES OF
THE BANK’S PARTICIPATION IN THE ECONOMY OF ARMENIA

YEREVAN, May, 19. /ARKA/. The RA President Kocharian and Jean
Lemierre, the President of European Bank of Reconstruction and
Development (EBRD) discussed the possibilities of the bank’s
participation in the economic processes of Armenia. According to the
RA President’s Press Service Department, in the course of the meeting
Kocharian noted that the volume of co-operation of Armenia with the
bank is not big and appealed to Lemierre to activate the bank’s
participation in the development of the Armenian economy. Kocharian
especially emphasized the importance of co-operation with private
sector and stimulation of export. Lemierre in his turn noted that
when developing further programs on support, the focus will be on the
development of small and average entrepreneurship.
Also the issues connected with the banking system of the country were
discussed by Kocharian and Lemierre. They attached high importance to
the development of the system of hypothec crediting. A.H –0–

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FIRST REGIONAL CONFERENCE REDAM TO BE HELD IN TOWN OF ARTASHAT
(ARMENIA)

YEREVAN, May 19. /ARKA/. The first regional conference European
Project for Regional Development of Armenia (REDAM) will be held in
town of Artashat (Armenia). As Armenian Representation of EU-TACIS
Technical Support Program the program, the first stage of which will
be completed in November 2005 is aimed at strengthening of social and
economic development of marzes. As it is mentioned in the press
release during the first stage Ararat marz will be supported in
development programs, its main priorities will be discussed and
solved. After the program development the second stage will start and
will be aimed at financing of the measures included in the project.
As it mentioned in the press release, beginning of the planning of
REDAm in Ararat marz, as well as role and responsibility of local
authorities in the process will be discussed.
European Project for Regional Development of Armenia (REDAM) is
financed by EU-TACIS Technical Support Program. The Program includes
Ararat and Vayots Dzor marzes of Armenia. T.M. -0–

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SCHOOL MATHEMATIC OLYMPIAD ORGANIZED IN YEREVAN BY INITIATIVE OF
EMBASSY OF I.R. IRAN

YEREVAn, May 19. /ARKA/. School mathematic Olympiad was held in
Yerevan by initiative of Embassy of Islamic Republic of Iran. As
Iran’s Embassy told ARKA, 42 schoolchildren from 7 schools
participated in the Olympiad. 6 participants that won the first six
places were awarded prizes in the presence of Iran’s Ambassador.
As it is mentioned in the press release, Ambassador Extraordinary and
Plenipotentiary of Iran in Armenia H.E. Mohammad Farhad Koleyni
attached importance to the activity aimed at deepening of the
friendship level and cooperation between “new generations ” of two
countries. Speaking about Iran’s potential, international
achievements of Iran in various spheres of science and Iran’s
contribution into mathematics foundations, Iran’s Ambassador
mentioned that Iran’s and Armenia’s new generation may shape the
“face of the future”, cooperating in mathematics, physics and other
sciences. T.M. -0–

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