ARMENIAN PRESIDENT SIGNS LAW ON ALL-ARMENIAN BANK

ARKA
Jan 19, 2009

YEREVAN, January 19. /ARKA/. Armenian President Serzh Sargsyan signed
the law on the All-Armenian Bank on Saturday, presidential press
office reports.

The parliament gave its approval to the bill on December 26, 2008.

The All-Armenian Bank is an open joint stock company. Its founders
are the Central Bank and (or) Republic of Armenia. Any legal entity
can be founder as well.

Earlier, Arthur Javadyan, chairman of the Central Bank of Armenia,
said that that the bank will be established to consolidate Armenian
communities worldwide and use their capacity for strengthening national
competitiveness on the world market.

Javadyan said that the All-Armenian Bank will get a license for
banking activity and will carry out all types of banking operations.

"All Armenian Bank’s capital must be no less than total capital of
commercial banks functioning in Armenia", Javadyan said.

He said that the bank will set total capital of $100 million (AMD 30
billion) of which AMD 6 billion will be invested by the government. He
said some Armenian entrepreneurs and international organizations have
already expressed interest in the matter and are waiting for the bank
opening for participation in its capital.

"The bank will stick to certain principles. In particular, it will
invest money only in lucrative programs", Javadyan said. "Besides,
All-Armenian B ank must not compete with commercial banks in Armenia’s
territory". Javadyan also said that the bank will enjoy certain tax
preferences. In particular, it will be exempt from profit tax and
state duty for registration and licensing.