ARMENIAN BANKS BUY CONTROLLING SHARE IN EQUITY OF ACRA CREDIT

Arka News Agency, Armenia
Aug. 30, 2006

YEREVAN, August 30. /ARKA/. Over 52% of ACRA credit bureau’s shares
belong to Armenian commercial banks today.

ACRA Credit Reporting CJSC told ARKA News Agency on Wednesday that as
a result of lengthy negotiations, 11 Armenian commercial banks – ACBA,
Anelik Bank, ArmSwissBank, Armenian Development Bank, Artsakhbank,
BTA InvestBank, HSBC Bank Armenia, InecoBank, Melat Bank, Prometei
Bank and VTB Bank-Armenia – jointly have bought 50.1% of shares in
equity AQCRA Credit reporting CJSC.

Earlier Converse Bank (in June 2005) and ArmEconomBank (in May 2006)
became shareholders of ACRA each owning 1% of ACRA’s equity.

ACRA credit bureau was set up in 2004 by the U.S. Credential Inc.and
with the assistance and involvement of Dun&BradStreet Inc.

As of today, 14 of 21 Armenian banks, i.e. the banks representing
76% of banking assets and 75% of all the loans in banking sector,
have become either ACRA’s shareholders or its members.

Besides, 9 largest credit organizations – Aregak, Finka, First
Mortgage Company, Cascade Credit, Horizon, Kamurj, SEF International,
Shen Aniv and Washington Capital – working in Armenia are also the
members of ACRA.

According to preliminary agreement with the Central Bank of Armenia
and Union of Banks of Armenia, it is expected that the Central Bank
will become one of the largest shareholders of ACRA soon.