CENTRAL BANK PERMITS ARMENIAN DEVELOPMENT BANK PARTICIPATE IN MONEY GRAM

/ARKA/
April 8, 2009
YEREVAN

The Central Bank of Armenia (CBA) permitted the Armenian Development
Bank open joint stock company to participate in Money Gram payment
international payment and settlement system. The respective decision
was made at the CBA Board meeting of April 7 presided over by the
CBA Chairman Artur Javadyan.

Money Gram international payment and settlement system is operated
in 180 countries and has 160,000 service centers all over the world,
with 13,400 service centers in the CIS.

Armenian Development Bank open joint stock company was founded in 1990.

According to the information of ARKA Agency, by the end of December
2008 the bank’s assets had totaled 16.3bln Drams, liabilities 10.5bln
Drams, total capital 5.8bln Drams, credit investments 10.3bln Drams,
liabilities to clients 8.9bln Drams; the bank’s net profit was 747.2mln
Drams in January-December 2008. ($1=372.06Drams).