Interfax
July 29 2004

New bank with foreign capital to be set up in Armenia

Yerevan. (Interfax) – A new commercial bank with foreign capital is
being set up Armenia, Armenian Central Bank Chairman Tigran Sarkisian
told journalists.

He said that the Central Bank has agreed to provide a license to
ArmSwiss Invest & Trust Bank, founded by Swiss citizens of Armenian
origin involved in international finance and industry.

Sarkisian said that the initial charter capital of the bank amounts
to $6 million.

“The founders of ArmSwiss Invest & Trust Bank plans to introduce new
banking instruments, that are not used by the other 19 commercial
banks in the republic,” Sarkisian said. He said that the new bank
will work on the international market and will have an active
investment policy. The bank should start to operate in three months.

Armenia currently has 19 commercial banks with total charter capital
of $65 million, of which non-residents accounts for 53%.