IT IS ENVISAGED TO TRANSFORM ARDSHININVESTBANK INTO OPEN JOINT STOCK COMPANY

Noyan Tapan
Apr 18 2006

YEREVAN, APRIL 18, NOYAN TAPAN. It is envisaged to transform
Ardshininvestbank CJSC (closed joint stock company) into an open joint
stock company (OJSC) in the future. Chairman of Ardshininvestbank
Board Aram Andreasian stated at the April 18 press conference
that the bank management also intends to attract an institutional
investor. According to him, by the results of the first quarter of this
year, Ardshininvestbank took first place in the RA banking system by
the amount of its undistributed profit, which made about 4.9 bln drams
(about 10.9 mln USD). The bank was in second place by the amount of its
assets, capital and credit invetsments, which made 53.1 bln drams, 9.4
bln drams and 22.8 bln drams respectively. There was an unprecedented
growth in the number of ArCa and MasterCard plastic cards issued by
the bank in the first quarter of 2006 (15 thousand cards). It was
noted that this year the bank will continue participating in a number
of international programs. Particularly, Ardshininvestbank plans to
take part in the mortgage crediting market development program, which
is being implemented by KfW Bank (Germany). A. Andreasian assured
that this market will develop in Armenia and mortgage crediting will
become accessible for many sections of the country’s population.