"AREXIMBANK TO BE RE-NAMED GASPROMBANK ARMENIA

ARKA
March 24, 2008

YEREVAN, March 24. /ARKA/. Areximbank officially announced
of commencing a rebranding process. The bank will be renamed
Gasprombank-Armenia. The decision on rebranding was made by the new
owner of the bank’s controlling stake, the Russian Gasprombank, which
is one of the largest banks in Central and Eastern Europe. The new
strategy of the bank is aimed at making it the leading bank in Armenia.

Along with the retail trade in which the bank is now involved, a new
line will be developed – serving large corporate clients which will
improve the quality of complex services provided by the bank.

Areximbank will change its corporate colours to white and blue,
as well as do some exterior and interior renovation work this
year. Gasprombank-Armenia is the legal successor of Areximbank, hence,
all the current contracts remain in effect.

The Areximbank closed joint-stock company was founded in August 1998
to support businesses and service of financial flows between Armenia
and Russia. Russian Gasprombank purchased Areximbank 80.09% shares
last November. The rest of the shares belong to Raiffeisenbank.

Areximbank is a leading bank in the sphere of consumer loans
and individual money orders. It has 10 branches in Yerevan and in
other regions of Armenia. Areximbank is a principal member of VISA
International and MasterCard International payment systems.

As of 2007, the capital of the bank totalled $11.5mln with $1.5mln
pre-tax income, $68.5mln assets, and $33mln credit portfolio. The
bank served 54,000 clients in 2007 which exceeds 35% the 2006 showing.

The Gasprombank open joint-stock company is among three largest banks
in Russia and the third largest one in Central and Eastern Europe. The
bank has received investment ratings by leading international
agencies.

From: Emil Lazarian | Ararat NewsPress