ARARATBANK CONSIDERING OFFER ON PROVISION OF LEASING AND FACTORING SERVICES

PanARMENIAN.Net
15.01.2010 16:46 GMT+04:00

/PanARMENIAN.Net/ Final resolution on provision of leasing and
factoring services will be taken by Araratbank authorities by May 2010,
Araratbank executive director Ashot Osipyan said.

As he told PanARMENIAN.Net reporter today, at present the bank
offers two accompanying services: leasing and factoring – programs,
to be implemented jointly with European Bank of Reconstruction and
Development (EBRD). "Services’ implementation depends on market
situation. We’ll probably use this offer, sign a contract with our
partner and receive technical assistance for these two services,"
Ashot Osipyan said.

In this connection, Ashot Osipyan added that offer discussion is in
progress; Araratbank will be able to give a reply in May 2010.

Araratbank was established as a result of the reorganization of Haykap
Bank, operating on Armenian financial market since 1991.

The bank was reorganized into closed joint stock company in September,
2005 and functioning as an open joint stock company since August, 2007.

ARARATBANK is a member of the Union of the Banks of Armenia; it is a
partner of the Ministry of Finance and Economy of RA in the area of
management of the internal national debt.

As of 30.09.2009 total assets of the bank made up AMD29,042 million,
showing an increase of AMD 979,4 or 3,5% as compared with the previous
quarter.

Liabilities stood at AMD 21,295.9 million, with an increase of AMD
849.3 million or 4,2% when compared with the previous quarter.

Total equity as of 30.09.2009 was AMD 7,746.1 million having increased
by AMD 130,1 million or 1.71% as compared with the figures of the
previous quarter. Increase in the total equity of the Bank was due
to AMD 50,5 million growth in the revaluation reserve for available
for sale assets.

Profit figure for the third quarter was AMD 410,9 million vs. AMD
57,5 million of the previous quarter, resulting in a year to date
profit of AMD 454,1 million.