CENTRAL BANK OF ARMENIA REGISTERS NEW BRANCH OF ARSAKHBANK – NAIRI

ARKA
May 29, 2009

YEREVAN, May 29. /ARKA/. The Central Bank of Armenia (CBA) registered
a new branch of Arsakhbank closed joint stock company – Nairi. The
respective decision was made by the CBA Chairman Artur Javadyan on
May 27 2009.

Artsakhbank cjsc was founded on the basis of Sberbank under a decree
of the President of Nagorno-Karabakh Republic in December 1995. It
received a license from the CBA on October 31 1996.

The bank’s assets had amounted to 37bln Drams by the end of March 2009
with total capital at 5.8bln Drams; net profit of the bank was 2.7bln
Drams in January-March 2009. The bank had 16 branches as of March 31.
($1=370.89Drams).