CONVERSEBANK: WORLD FINANCIAL CRISIS TO HAVE NO DIRECT IMPACT ON ARMENIAN BANKING SYSTEM

ARKA
Sep 29, 2008

ARMAVIR, September 29. /ARKA/. World financial crisis will have no
direct impact over Armenia’s banking system, Executive Director of
Conversebank Ararat Ghukasyan told journalists in Armavir.

"Today’s situation in international markets, in the USA, Europe and
Russia in particular, will hardly have impact over the banking system
of Armenia," Ghukasyan said. Armenian economy and banking system will
not encounter surprises and shocks, he said.

Ghukasyan pointed out that most of the banks operating in Armenia do
not use the instruments which led to the financial crisis in the USA
and Europe.

Yet, Armenia will feel crisis effects much later, he said.

"Conversebank" Closed Joint Stock Company was registered on December
20 1993. Since February 2007 it has been owned by an Argentinean
businessman of Armenian origin Eduardo Ernekian.