POSTAL BANK SYSTEM IN ARMENIA

Panorama.am
23:28 13/11/2007

Today Tigran Sargsyan announced that a postal bank system is planned
to be created, for that reason in "Arm Post" there will be serious
changes. According to him this part of changes is the most difficult
one, but for the customers it will not be noticeable. Mr. Sargsyan
said that now a group of foreign specialists is working on the project
to prepare the structural project. In order to create "Post Bank"
they must find out weather commercial banks are ready to supervise
the process and at the same time act as ACB agent.

Some problems of "Post Bank" were discussed with Nout Wellink, the
president of the Netherlands Bank. He said that "Arm Post" still
has problems with controlling part, but we are ready to exchange out
experience with our Armenian colleagues. But he also mentioned that
the idea, the creation of "Post Bank" is the proof to the thing that
Armenia goes straight to the development.

In 2006 "Arm Post" CJSC was transferred to "Arm Post Trust" for five
years term, and in the contract there is a point to create "Post Bank".