ARKA News Agency, Armenia
March 26 2007

ARMENIAN CB PERMITS INECOBANK TO PARTICIPATE IN MASTERCARD
INTERNATIONAL PAYMENT SYSTEM

YEREVAN, March 26. /ARKA/. The Central Bank of Armenia (CBA)
permitted Inecobank CJSC to participate in the international payment
system MasterCard. The CBA press service said that the decision was
made by the CBA Board.
Inecobank CJSC was registered ob February 7, 1996. As of December 31,
2006, the assets of the bank made AMD 22.4bln, the total capital –
AMD 6.1bln, the balance sheet profit – AMD 2.4bln, the profit for
2006 made AMD 1bln. The bank’s authorized capital makes AMD 2.4bln.
According to the CBA recent data, 209,113 plastic cards were in
circulation in Armenia at the beginning of 2007. The number of Master
Cards issued by Armenian banks made 11,817.
National payment system "Armenian Card" became a full member of
MasterCard payment system in December 2002, which empowered it to
issue and serve EuroCard/MasterCard, CirrusMaestro cards and the
banks – founders of the company – to become its associated members.
($1 = AMD 359.96). L.M. -0–