IT IS POSSIBLE THAT SIL CONCERN WILL PURCHASE MIKAEL BAGHDASAROV’S SHARE OF VTB-ARMENIA BANK

Noyan Tapan
Sept 05 2006

YEREVAN, SEPTEMBER 5, NOYAN TAPAN. The famous businessman Mikael
Baghdasarov has offered SIL Concern Ltd. to purchase his share of the
VTB-Armenia Bank (former Armsavingsbank). Spokeswoman for SIL Concern
Anna Mkrtchian told NT correspondent about it. At the same time, she
noted that SIL Concern is considering this offer, and it’s not yet
clear when the decision about the acquisition of shares will be made.

To recap, M. Baghdasarov owns 30% of VTB-Armenia Bank’s shares, with
the rest belonging to Russia’s Vneshtorgbank (VTB). VTB acquired 70%
of Armsavingsbank’s shares in March 2004. This year Armesavingsbank
was renamed "VTB-Armenia".