SUPERVISION AND CORPORATE MANAGEMENT OF ARMENIAN BANKING SYSTEM BEST IN REGION

ARKA
June 9, 2008

YEREVAN, June 9. /ARKA/. Armenian banking system, as far as
the supervision and corporate management level is concerned,
is considerably ahead of the other countries of the region, Board
Chairman of Armenian Armeconombank David Sukiassyan told reporters.

"Armenian banks, though with smaller assets, have the best financial
showings, the highest level of supervision and corporate management
in the region," Sukiasyan said.

Sukiasyan hailed the idea of creating a regional financial centre in
Armenia. He said creating a regional centre in any sphere – health,
social, financial or banking sectors – is a good idea, since it will
attract various financial structures to the country and raise the
interest in Armenia.

Twenty-two commercial banks are currently operating in Armenia with
the total assets, according to the March 31, 2008 data, calculated at
818.9bln drams, and the total credit portfolio (including the funds
lent out to customers) estimated at 485.2bln drams.