CENTRAL BANK OF ARMENIA REGISTERS PROSPECTUS OF SECURITIES ISSUANCE BY "ARARATBANK" OJSC

ARKA News Agency, Armenia
Dec 12 2007

YEREVAN, December 12. /ARKA/. The Central Bank of Armenia registered
the Declaration about registration of securities including the
prospectus of issuance of "Araratbank" Open Joint Stock Company
(OJSC). The decision was made at the sitting of Board of Directors
of the Central Bank of Armenia (CBA) presided over by the President
of CBA Tigran Sargsian.

Earlier, the Executive Director of "Araratbank" Ashot Osipian reported
the intention of the bank to enter the IPO market in autumn this
year. He also pointed out the plans to implement IPO with volume
constituting 5-10% of the bank’s capital in the first stage.

"Araratbank" Open Joint Stock Company (legal successor of "Armsviaz"
bank) was founded on 02.09.1991. On October 31 1996 the bank received
banking license N4. In August this year the bank was reorganized to
an open joint stock company.

In May Araratbank completed placement of corporate coupon bonds. The
corporate coupon bonds of Araratbank underwent listing on the Armenian
Stock Exchange under the highest category – Abond. The number of
the bonds issued was 25,000, the circulation period – 12 months,
nominal value – 10,000 Drams with 8% annual yield.

As of the end of September, the bank’s assets totalled 16.4bln Drams,
its capital was 4.5bln Drams and the profit for January-September
was 224.8mln Drams. "Ararat" bank has 10 branches functioning in the
country. ($1=303.50Drams).