Prime-Tass English-language Business Newswire
September 12, 2008 Friday 12:09 PM EET

Gazprombank ups stake in Armenia’s Areximbank to 100%

MOSCOW Sep 12

Russia’s Gazprombank has brought its stake in Armenia’s Areximbank to
100% from 94.15% previously, Gazprombank’s press office said Friday.

Gazprombank purchased the 5.85% stake from Raiffeisenbank for an
undisclosed sum.

Gazprombank bought 80% in Areximbank in November 2007 and then
increased its stake to 94.15% in July through the purchase of the
bank’s additional share issue.

Areximbank provides a full range of banking services. As of July 1,
the bank’s assets were at U.S. $110.5 million, while shareholders’
equity was at $31.8 million.

Gazprombank is the banking arm of Russia’s natural gas monopoly
Gazprom.