HEAD OF ARMENIAN CB COMMENTED ON THE PROCESS OF FORMATION OF "POSTBANK"

Mediamax News Agency, Armenia
Nov 13 2007

Yerevan, November 13 /Mediamax/. The process of formation of "PostBank"
is a new phenomenon for the Armenian reality, and certain issues,
which arise on this path, are related to the specific nature of the
given bank.

Mediamax reports that the Chairman of the Central Bank of Armenia
Tigran Sarkisian said this today.

According to him, the Armenian legislation covers universal banks,
and it is important to understand – basing on which agreements
"PostBank" will be working with "HayPost" Company, what functions
will be performing the 900 postal offices and to what extent ready
the bank is for controlling the whole volume of financial operations.

Touching upon the process of reformation of "HayPost", Tigran
Sarkisian stressed that serious management is working in the company,
which carries out a certain stage of work, which is invisible for
the consumers.

Tigran Sarkisian expressed confidence that already in the beginning of
2008, the changes in "HayPost" will be noticeable, and the consumers
will see the final results in a year.