CORPORATE MANAGEMENT PRINCIPLES TO REDUCE SHADOW ECONOMY

ARKA News Agency, Armenia
April 18 2006

Yerevan, April 18. /ARKA/. The introduction of corporate management
principles will contribute to the reduction of shadow economy in
Armenia, Board Chairman of the “Ardshininvestbank” CJSC Aram Andreasyan
told reporters.

According to him, the need for corporate management is urgent in the
real economic sector in contrast to the transparent banking sector.

Andreasyan reported that at their meeting at the end of May 2006
the bank’s shareholders will introduce corporate management related
amendments into the bank’s regulations.

In January 2006, the Central Bank of Armenia launched the introduction
of corporate management.

The “Ardshininvestbank” CJSC received License #83 from the Central
Bank of Armenia on February 23, 2003. The bank was founded by the
Russian financial-industrial group “International Business Center.”

The bank is owned by the two companies forming the group. By March
31, 2006, the bank’s authorized capital had amounted to AMD 3bln,
assets AMD 53.1bln and balance profit AMD 4.9bln ($1 – AMD 450.15).