DAVID SUKIASSYAN: WE HAVE TO STRIKE THE CRISIS BACK

/PanARMENIAN.Net/
12.06.2009 17:48 GMT+04:00

/PanARMENIAN.Net/ In crisis circumstances, bank liquidity provision,
and not the income issue, should be one of our main priorities,
Armeconombank President David Sukiassyan told a PanARMENIAN.Net
reporter at shareholders’ annual meeting. "We managed to achieve
a liquidity of 150% which exceeds stipulated standards by 2,5%, he
said. According to him, conditions for banks activities have to be
created so that no complications would arise in future. "The bank
should also attract more clients, and increase economy crediting to
promote economy improvement."

According to Bank President, the Armeconombank will continue
implementation of programs launched: offer new actions, including
plastic cards servicing to increase the number of bank clients. New
programs will be implemented within the framework of Governmental
crediting programs (Russian credit, WB funding). "Time’s come
to implement active crediting, as, acceding to our forecasts,
stabilization is soon to be expected. We have to strike the crisis
back, like many European states did." Sukiassyan noted that in 2009,
20% increase of credit portfolio is planned to comprise around AMD
30 billion.

Bank subsidiaries’ number will increase by 2, (the bank has 46
subsidiaries in RA and NKR), as the main emphasis will be put on
economy crediting.

The bank has participated in international credit programs launched by
EBRD, International Financial Corporation, WB, and German-Armenian Fund
(small and medium-sized businesses crediting). Since October 2006,
the bank has been participating in "Stable development of mortgage
market" program launched by KfW German Bank.

As of 31.03.2009 the bank has 1422 shareholders (16 of them
non-resident), with Soukiassyan family and EBRD as major shareholders,
(53,5 %) and (25 %) accordingly.

As of Mar. 31 2009, bank’s aggregate capital comprised AMD 8,412.0
million, assets – AMD 50,563.3, liabilities – AMD 42,151.3 million.