CBA TO REGISTER ALL-ARMENIAN BANK BY LATE APRIL

ARKA
Apr 9, 2009

YEREVAN, April 9. /ARKA/. The Central Bank of Armenia (CBA) will
register All-Armenian Bank by end-April, CBA Chairman Arthur Javadyan
said Wednesday at Novosti International Press Centre.

"Following registration procedures, the Armenian parliament-adopted
first allocations of 6bln drams will be transferred to our savings
account," he added.

According to Javadyan’s forecasts, the bank will be granted a license
in a couple of months. All-Armenian Bank has announced a competition
for CEO’s vacancy, but none of the 170 applicants was suitable.

"Discussing the issue, the Competitiveness Council has decided to
turn to international headhunters to help choose the bank’s CEO,"
Javadyan said.

The Central Bank has already launched negotiations with international
investors and agencies over providing Armenia with experts to draw up
the final business plan of All-Armenian Bank. "With the CEO chosen,
business plan drawn up, the staff recruited, the bank’s headquarters
equipped, All-Armenian Bank is likely to launch activities by
end-2009," Javadyan concluded.

On November 20, the RA Government passed a draft on All-Armenian
Bank. The bank’s authorized capital is expected to total 30bln drams
(around $100mln), with the RA Government having a 20% share in its
capital. Leading international financial organizations and private
investors are expected to hold the rest of the bank’s shares.

All-Armenian Bank’s aim is to boost financial capacities and
economic competition in Armenia and Armenian communities around the
world. ($1-372.65 drams)