NORVIK TO LEVERAGE NEW PRODUCTS IN ARMENIA IN Q1 2010

ARKA
Oct 19, 2009

YEREVAN, October 19. / ARKA /. Credit institution Norvik will introduce
new products on the Armenian market and will resume the lending to
people and businesses already from the first quarter of 2010.

This was told by a member of the board of Norvik Tigran Bostanjyan
in an exclusive interview with ARKA News Agency.

"The direction of our activity will change in the corporate lending
and the credit lines under demand will be directly linked to it.

Norvik will work with corporate clients as an investment bank,"
Bostanjyan said.

He said the company intends to expand its activities and for that
purpose it is in search for a reliable and reasonable business support
and lending.

Bostanjyan did not rule out the possibility of participation of Norvik
in the capital of such companies.

"This is our first step toward corporatism," he said.

Speaking about the company’s plans regarding the conversion into a
bank Bostanjyan noted that earlier Norvik planned to transform itself
into a commercial bank, but those plans changed because of the position
of shareholders and because of the situation in the global economy.

"Currently, we delay our transformation into a commercial bank for an
indefinite time, but the plans remain in force," the council member
of the company said.

Norvik universal credit organization was founded in February 2006
and is the Armenian Daughter Company of Latvian-Icelandic Norvik Bank.

Today the company is the leader among lending institutions on the
country’s largest charter capital, profits, assets and loan portfolio.

According to the information of ARKA Agency, the company’s assets
had totaled 21.4bln Drams by the end of March 2009; liabilities were
18.04bln Drams and total capital was 3.4bln Drams.

Loans and other borrowings to clients were 19.1bln Drams in the period;
net profit after tax amounted to about 401mln Drams in January-March
2009.