GERMAN COMMERCE BANK READY TO EARMARK UP TO EUR 100MLN TO ARMENIA

ARKA News Agency, Armenia
March 28 2006

YEREVAN, March 28. /ARKA/. The German Commerce Bank (Commerzbank) is
ready to earmark up to EUR 100mln to Armenia, the bank’s representative
Karslen George stated during the first international banking conference
for foreign trade financing opened held today in Yerevan According
to him, the bank’s experts studied the situation and opportunities
in Armenia and come to a conclusion on extending their activities in
the country.

In general, according to the bank’s representative, “the bank’s
activity in the CIS countries was quite a success”.

He pointed out that Commerzbank works mainly with enterprises of
small and medium-sized business, principally playing the role of a
confirming bank during foreign trade operations.

Commerzbank currently cooperates with Armeconombank, Agricultural
Cooperative Bank of Armenia, “Anelik Bank”, Armimpexbank, Inecobank
and Converse Bank in Armenia.

The conference was organized by the EBRD and Armeconombank.

From: Emil Lazarian | Ararat NewsPress