CB CHAIRMAN: IN 2007, THE BANKING SECTOR OF ARMENIA EXPECTS INFLOW OF FOREIGN INVESTMENTS

Mediamax Agency, Armenia
Feb 5 2007

Yerevan, February 5 /Mediamax/. In 2007, the banking sector of Armenia
expects an inflow of foreign investments, Chairman of the Armenian
Central Bank (CB) Tigran Sarkisian stated in Yerevan today.

Mediamax reports that speaking at a news conference in Yerevan today;
Tigran Sarkisian stated that the corresponding claim from the German
financial companies is already under consideration of CB.

According to the CB Chairman, the activization of the commercial
banks in Armenia as to attracting foreign investments is reasoned
by the growing competition. According to Tigran Sarkisian, in 2006,
a brand like "Credit Agricole" entered the Armenian banking market,
which made other banks reconsider their strategies.

Tigran Sarkisian also singled out the policy of "HSBC Bank Armenia",
which occupies the first place among Armenian banks as to the
crediting volumes.

Tigran Sarkisian also stated that the Armenian Central Bank will
create auspicious conditions for well-known international companies
to arrive in the Armenian insurance market.

According to him, up till now there has been no international company
registered on the Armenian insurance market, which is an evidence of
weaknesses present in the legislation.

Tigran Sarkisian said that in accordance with the development
conception of the Armenian insurance market, the CB will continue
"cleaning" the market and implementing European standards.