CENTRAL BANK OF ARMENIA PERMITS ARARATBANK TO PARTICIPATE IN "EXPRESS MONEY" INTERNATIONAL PAYMENT SYSTEM

ARKA
Dec 2, 2008

YEREVAN, December 3. /ARKA/. The Central Bank of Armenia (CBA)
permitted Araratbank open joint stock company to participate in
"Express Money" international payment system. The respective decision
was made at yesterday’s sitting of the CBA Board presided over by
the CBA Chairman Artur Javadyan.

Araratbank Open Joint Stock Company (assignee of "Armsvyaz" bank)
was founded on 02.09.1991. On October 31 1996 the bank was issued a
banking license N4.

Under the agreement signed on October 29 2008, the EBRD purchased
25%+1 shares of the Armenian Araratbank for $7mln. As a result, the
authorized stock of the bank reached $24mln. 70% of bank’s authorized
stock is held by businessman and owner of "Flash" company Barsegh
Beglaryan.

The bank’s assets totaled 27.9bln Drams by the end of September 2008
with its capital being 5.5bln Drams and profit totaling 552.6mln
Drams in January-September 2008.

Currently, Araratbank is providing services through the following
international payment systems – Anelik, Blizko, Privat Money,BTF-Souz,
Migom, "Bistraya Pochta" and Avers. The bank has 23 branches throughout
the country. ($1=305.72Drams).