PROCREDIT GERMAN BANK TO START IN ARMENIA IN 2008

ARKA News Agency, Armenia
Dec 4 2007

YEREVAN, December 4. /ARKA/. ProCredit German bank intends to start
its activities in Armenia in 2008, German Ambassador to Armenia Andrea
Victorin said at her meeting with students of Yerevan State Linguistic
University after Briusov.

Seven foreign banks and financial structures, including Dutch Post
Bank, Russian Gasprombank, German ProCredit, Raiffeisenbank (Austria)
and Lebanese Biblos bank expressed wish to start business in Armenia.

As per the information of the Central Bank of Armenia (CBA), as of
March 31 the actual authorized stock of Armenia’s banking system
totaled 82,907.5mln drams; the share of non-residents in the capital
of Armenian banks increased 8.3% (2,956mln Drams) up to 38,626.2mln
Drams in January-March. In fact, non-residents had 46.59% of the
overall authorized stock of the country’s banking system (44.53%
in the beginning of the year).

21 commercial banks operate in Armenia today. ($1=306.94Drams).