ARARATBANK PURCHASES IZMIRLIAN-EURASIA UNIVERSAL CREDIT ORGANIZATION

RIA Oreanda
Sept 2 2009
Russia

Yerevan. OREANDA-NEWS . August 31, 2009. Agreement on ARARATBANK’s
purchasing of "Izmirlian-Eurasia Universal Credit Organization"
LLC has been signed at the Head Office of ARARATBANK. Consequently
ARARATBANK will become the only shareholder of "Izmirlian-Eurasia USO"
LLC, reported the press-centre of ARARATBANK.

The agreement has been signed by CEO of ARARATBANK OJSC Mr. Ashot
Osipyan and Chairman of Armenian branch of "Izmirlyan Fund" Ara
Hamazaspyan.

This transaction is ARARATBANK’s first investment into the other
individual’s chartered capital.

As ARARATBANK OSJC’s CEO Mr. Ashot Osipyan said after the solemn
ceremony of the agreement signing. "Through this transaction
ARARATBANK will have100 percent shares in a capital of a credit
company, consolidating its positions in the financial market. Besides,
ARARATBANK attains new clients as well".

Mr. A. Osipyan also mentioned that still many years ago serious
cooperation between ARARATBANK and Swiss "Izmirlyan Fund "
was established. It was especially evident in the field of small
and medium business crediting. According to Mr. A. Osipyan, "This
transaction will boost the crediting processes, the crediting company
will implement more expansive and large-scale crediting programs with
more serious resources".

The total assets of ""Izmirlyan-Eurasia Universal Credit Organization"
LLC comprise AMD 2.103,6 million, crediting investments comprise AMD
891,5 million, total capital is AMD 2.097,1 million.

As of 24.08.09 ARARATBANK OSJC’s cumulative profit comprises AMD 1287
million. As of 24.08.09 it comprises AMD 7786 million.

From: Emil Lazarian | Ararat NewsPress