GAZPROMBANK ACQUIRES 80 PERCENT OF SHARES OF AREXIMBANK

Panorama.am
19:32 03/12/2007

Gazprombank has acquired 80.09 percent of shares of the Armenian
Areximbank, bank press services said. The decision to buy shares in
Areximbank was conditioned by higher trade turnover between the two
countries, increased investment by Russian companies into the Armenian
economy and some other factors.

Proceeding from the interests of the chief buyer, Gazprom, Gazprombank
had expressed an intention to buy a bank in Armenia back in September.

Armenian-Russian Export-Import Bank (Areximbank) was established in
1998 with the aim to support entrepreneurship between Armenia and
Russia. In August, 2005 Moscow Impxbank purchased 19.91 percent of
shares of Areximbank. The total capital of the bank as of September,
2007 amounts 3 404 027 thousand drams with 17 441 441 thousand drams
in debits and 14 037 414 thousand drams in credits.