ARMROSGASPROM GENERAL DIRECTOR WINS AREXIMBANK CHAIRMANSHIP

ARKA
March 20, 2008

YEREVAN, March 20. /ARKA/. ArmRosgasprom General Director Karen
Karapetyan is chosen as Areximbank board chairman, the bank’s press
office reported on Thursday.

Gasprombank First Vice-President Olga Kazanskaya took up the post of
Areximbank board deputy chairman.

At its Thursday’s session, the bank’s board also considered strategic
issues and outlined future development. The board decided to build
up Areximbank’s capital and credit portfolio this year.

It was also decided at the session to open five new branches of
Areximbank – two in Yerevan and three in provinces. Commenting on
these decisions, Kazanskaya said that Areximbank, under Gasprombank’s
support, will be able to become the leader in finance sector.

Areximbank was established in 1998 for supporting entrepreneurship
and serving financial flows between Russia and Armenia. In November
2007, Gasprombank acquired 80.09% of Areximbank’s shares.The rest of
the package belongs to German Raiffeisenbank.

Areximbank is the biggest consumer creditor. It also the leader in
transferring individual’s money without opening accounts.The bank
has ten branches in Yerevan and provinces.

Areximbank enjoys membership in international payment systems VISA
International and MasterCard International. In 2007, the bank’s capital
amounted to $11.5 million and profit before taxation $1.5 million.

Its assets totaled $68.5 million and credit portfolio $33 million.

The bank has 54 000 clients, 35% greater number than in 2006.

Gasprombank is one of three largest Russian banks and the third
biggest bank in Central and East Europe.

The bank has 36 branches and participates in four Russian banks’ and
two foreign banks’ capital – Belgasprombank (Belarus) and Armeximbank
(Armenia).