ARMENIAN ARMECONOMBANK TO PAY 250 DRAMS WORTH DIVIDENDS PER SHARE FOR 2008

ARKA
June 15, 2009

YEREVAN, June 15. /ARKA/. Armenia’s Armeconombank will pay 250 drams
worth dividends per share with a nominal value of 2,500 drams for
2008, compared to 300 drams for 2007, said Anahit Simonyan, member
of the bank’s Board.

Last year, the bank set a dividend yield of 10% annual interest rate,
with shareholders to receive dividend payments from July 12, 2009.

Though the bank had to cut dividends due to the global financial
crisis and global tailspin in stock markets, it s a good performance
amid the recession, Simonyan said.

Armeconombank is the only local bank with a B level on the Armenian
stock exchange. "Despite the global financial and economic crisis,
the bank posted an ongoing rise in market shares last year," Simonyan
added.

She cited Armeconombank’s 22mln drams worth share purchase transactions
effected on the Armenian Stock Exchange last year, with the average
market price per share amounting to 13,800 drams – a 6.5pct excess
of the nominal value per share.

Registered on August 26, 1991, Armeconombank’s major shareholders are
the European Bank for Reconstruction and Development (25% + 1 share)
and SIL Trust (53.4%).

Last year, the bank’s total capital rose 2.6% to 8bln 364mln drams,
with its net profit reaching 517.8mln drams. The bank has 46 branches
in Armenia and K arabakh ($1-370.17 drams).

From: Emil Lazarian | Ararat NewsPress