IN ARMENIA’S "ARDSHININVESTBANK" A RETAIL-BANKING DEPARTMENT WILL OPERATE SINCE NOVEMBER 1

ARKA
Oct 19, 2009

YEREVAN, October 19. /ARKA/. In Armenia’s "Ardshininvestbank" the
functions of corporate and retail banking will be separated and a
special department with retail clients will operate since November 1",
said Nerses Karamanukyan, Chairman of Board of the Bank.

"Corporate banking will deal with large clients, medium-sized business,
small and micro-entrepreneurship and individual services will be
concentrated in retail-banking", he said on Monday to the journalists
of ARKA. Karamanukyan said that the first time in the banking system
of Armenia Ardshininvestbank is intended to create a new department
of risk management with its sub-divisions. "Regarding this issue we
will get consulting in the frames of the signed document. The new
structure will operate after relevant changes in the Bank", he said.

On October 19 Iinternational Finance Corporation (IFC) and Armenia’s
Ardshininvestbank signed an agreement on rendering advisory services to
the Bank. "Ardshininvestbank" got license (N 83) from CB of Armenia on
February 27, 2003 for the implementation of banking activity. The main
shareholders of the Bank are Open JSC "Center of Business Investments"
(86,82%) and International Financial Corporation (10%), which became
a shareholder in 2007.

The Bank is the affiliate member of international payment system
MasterCard/Europay, as well as shareholder of the systems of card
operations CJSC "Armenian Card" in the territory of Armenia. As of the
end of July the assets of the Bank made about 320 billion drams.
From: Baghdasarian