OPENING CEREMONY OF THE CHIEF OFFICE OF THE "ARMSWISSBANK" TAKES PLACE WITH THE PARTICIPATION OF PRIME MINISTER TIGRAN SARGSYAN

ARMENPRESS
SEPTEMBER 17, 2009
YEREVAN

YEREVAN, SEPTEMBER 17, ARMENPRESS: Opening ceremony of the chief office
of "ArmSwissBank" on V. Sargsyan 10 address took place today with the
participation of the Armenian Prime Minister Tigran Sargsyan. Prime
Minister of Nagorno Karabakh Republic Ara Haroutyunian, Head of the
Armenian Central Bank Arthur Javadian, CB council members as well as
representatives of the financial sphere were present at the event.

After the blessing ceremony Executive Director of the Bank Gevorg
Machanian noted that the bank which has presented itself in the
market for more than four years has occupied its unique place in the
Armenian banking system. He promised that the Bank will continue its
activity on the principals adopted by it putting stress especially
on the investment policy. He expressed his special gratitude to the
Armenian Central Bank for the everyday assistance displayed to this
financial institution.

According to the Head of the Armenian Central Bank Arthur Javadian
the ArmSwissBank is distinguished from other banks functioning in
the market with provided services which are better corresponding to
the international high standard.

Despite the negative results of the world financial-economic crisis
the ArmSwissBank could ensure a 40% increase of its actives during
January-August and their annual average increase reaches 60%.

In his turn the Armenian Prime Minister Tigran Sargsyan expressed
hope that the ArmSwissBank with its activity will contribute to the
increase of competition in the banking system and its enhancement as
this financial institution develops in quite high tempos.

According to the Prime Minister the opening of the building promises
new opportunities to the Bank in respect of involvement of new
clients and providing of new services. He said that the ArmSwissBank
differs from other Armenian banks having the investment shift as
its peculiarity.

"The bank made of which have already been implemented by the Central
Bank; it is to establish such a legal field which will enable the
commerce banks also to launch investment activity. It is one of the
key issues of our economic reforms – to contribute to the development
of the stock market and to take the advantage that the "OMX-Nasdaq"
is in Armenia.

"I think that in this respect the ArmSwissBank will be one of the
leaders and I’m sure that the bank has the abilities; the Director
of the Bank has a rich experience, knowledge, has established a firm
team, has good specialists and taking up the role of the leader will
contribute to implementation of reforms in the stock market. I hope
that this new working conditions will facilitate fast implementation
of these reforms," T. Sargsyan said.

Owner of ArmSwissBank is Vardan Sirmakes who is also the founder,
co-owner and executive director of "Franc Muller Watchland" company
of Swiss watches.

As of September 15, 2009 the regulatory capital of the Bank reaches
5 billion drams, the entire capital – 6.1 billion drams. By November
1 the regulatory capital of the Bank will be filled up reaching 7.1
billion drams. At present it has more than 500 clients. ArmSwissBank
launches activity in three main directions – corporate, investment
and private banking.

As of September 15 the net revenue of the Bank reached 163 million
drams, actives – 33.1 billion drams, the credit investments increased
for 44% over the same period last year and reached 8.9 billion drams