Mediamax Agency, Armenia
Feb 23 2007

`Armeconombank’ plans an IPO and holds talks with the London exchange

Yerevan, February 23 /Mediamax/. `Armeconombank’ plans to realize an
IPO in 1.5 year and holds talks with the London exchange, the
Executive Director of the bank David Sukiasian said today.

Mediamax reports that David Sukiasian stated that it is necessary to
carry out certain procedures to organize and IPO on international
exchanges.

He noted that the receiving a rating by the Moody’s Investors Service
is one of the steps along the path of `Armeconombank’ to IPO.