COMPETITION TO INCREASE IN ARMENIAN MARKET OF RETAIL BANKING SERVICES

YEREVAN, APRIL 5, NOYAN TAPAN. Great hopes in terms of increasing the
competition level in Armenia’s banking services market are linked with
ProCredit Bank (Germany), which has starting operating in our country
since early 2008, because it will specialize in provision of retail
services and crediting of small and medium business, the chairman of
the Central Bank of Armenia (CBA) Tigran Sargsian said.

In his words, ProCredit Bank has submitted to the CBA "quite an
aggressive business program which means that in 2008 the amount of this
bank’s credits will grow, it will open branches, and tens of thousands
of citizens will have the opportunity to use services of ProCredit
Bank".

It was stated that the growth of retail banking services in Armenia is
also evident from the indices of the first quarter of 2008, which have
increased considerably as compared with the same period of last year.