BANKING STAFF TO REACH 9,682 PEOPLE IN ARMENIA BY END OF 2010

ARKA
June 16, 2008

YEREVAN, June 16. /ARKA/. The total number of the staff in Armenia’s
banking sector is to reach 9,682 people by the end of 2010 – a 14.6%
annual increase, says the review of the Central Bank of Armenia (CBA)
on Armenian banking system development options for 2008-2010 based
on the banks’ long-term development programs. The banking staff is
to grow by 50.1% or 3,232 people in the country over 2008-2010.

Number of administrative staff is to increase by 52.5% or by 2,492
people up to 7,239 people by the end of 2010.

As per the forecasts made by the banks, relation of the number of
administrative staff to that of service personnel is to increase by
several times and to reach 3 in the period under review against 2.6
in 2007.

Management efficiency indicator (ratio of net profit to the number
of staff) is to grow by 3,142,000 drams to 6,369,000 drams in 2010
against 2007.

Banking staff salary level (ratio of "salary of administrative
employees and other payments" to the number of administrative staff)
is to increase by 1.5mln drams up to 3.6mln drams over the period
under review.

According to the review, the banks plan to raise training expenditures
in 2008-2010. As a result, the relation of training expenditures to
the number of administrative staff will increase by 27,000 drams up
to 69,000 drams in 2010. The banks are planning to spend 496.9mln
drams for staff training in 2010 against 197.6mln drams in 2007.

Currently 22 commercial banks operate in Yerevan. The number of
banking staff had totaled 6,450 people by the beginning of this
year. ($1=306.19 drams).