ARMENIAN ARARATBANK SIGNS INSTITUTIONAL DEVELOPMENT PROGRAM WITH CANADIAN CRC SOGEMA

ARKA
July 28, 2009

YEREVAN, July 28. /ARKA/. Araratbank of Armenia and Canadian CRC
Sogema consulting company entered into a program of institutional
development of the bank. The respective document was signed by Chairman
of Araratbank Directors’ Board Ashot Osipyan and CRC Sogema Financial
Director Paul Doucet.

Under the program, CRC Sogema is to implement institutional development
works in Araratbank particularly in bank corporate management, human
resources management, risk management and development of internal
systems and bank strategy, Araratbank reported.

Training of Araratbank employees in the National Bank of Canada is
an important component of the program, says the report.

A consulting expert group will be permanently working in the bank
under the program. EBRD-financed institutional development program
is a part of the agreement about EBRD’s share in Araratbank signed
back in December 2008.

CRC Sogema cooperating with the National Bank of Canada won the tender
for implementing the project.

Araratbank open joint stock company (assignee of "Haykap Bank")
was founded on 02.09.1991. On October 31 1996 the bank received a
banking license N4. Among the bank stockholders is the EBRD holding
25%. 74.1% of the authorized stock belongs to principle stockholder
and owner of Flash company Barsegh Beglaryan.

CRC Sogema consulting company established in 1984 is the leader
among Canadian companies in analysis of international development
program management and in international cooperation. The company
has been cooperating with developing countries for 25 years now. It
provides specialized consulting and technical services in development,
introduction and management of large-scale projects in economic,
social and environmental sectors. CRC Sogema successfully implemented
over 400 projects in developing countries.
From: Baghdasarian