ARMENIAN ARMECONOMBANK TO EXTEND TRADE CREDITS AT LOWERED RATES

ARKA
Sep 30, 2009

YEREVAN, September 30. /ARKA/. Armeconombank is starting a reduced
interest rate credit program for stabilization of the economy as from
October 1, chairman of the bank’s directorial board David Sukiasyan
reported.

"We want to make a contribution to economic intensification and offer
lower interest rates to our clients," Sukiasyan told journalists
Tuesday.

Under the trade lending program loans are to be extended to trade
and import companies at from 10 to 12% p.a., depending on whether
the applicant is an Armeconombank client or not.

The program will be implemented with assistance of international
organizations and the EBRD in particular.

All credit lines opened in the bank under the trade promotion program
will be used for this purpose, Sukiasyan said.

"Armeconombank" Open Joint Stock Company was registered on August
26 1991. Over 75% of the bank’s shares belong to the principal
shareholders – EBRD (25% + 1 share) and the founders of "SIL" concern
Sukiasyan family (53.4%). The bank has 34 branches in Armenia and
Nagorno-Karabakh Republic.

According to the bank’s press service, total capital of "Armeconombank"
had exceeded 8.5 billion drams by September 28; total assets were
about 52 billion drams, credit investments – over 29 billion dr ams
and individual deposits – over 5.8 billion drams. ($1=385.71Drams).