EQUIPMENT OF 500.000 EUROS FOR ARMECONOM BANK
By Ara Martirosian
AZG Armenian Daily #160
08/09/2005
Economy
Lloyds TSB Bank to Realize the Project Financed by Eurobank
The European Bank for Reconstruction and Development (EBRD) plans to
provide ArmEconom Bank with technical support amounting to 500.000
euros. The Lloyds TSB Bank of the Lloyd Group Inc. will realize the
project. The executive director of ArmEconom bank, Ashot Osipian,
and the head of international consulting department of the Lloyds
TSB, Edward Hayter, signed an agreement yesterday launching thus
the project. It’s worth reminding that the EBRD is the owner of 25+1
percent of the ArmEconom’s shares.
Ashot Osipian informed that 6 organizations competed in London for
the right to realize the project of technical aid to ArmEconom Bank,
emphasizing that he is glad that an influential bank as the Lloyds
TBS became the winner. The aim of the project is to ArmEconom a
bank matching international standards. The executive director also
mentioned that together with the Eurobank they will realize a project
of financing 5 enterprises to the sum of $1.5 million.
Edward Hayter said that thanks to the efforts of the bank he
represents and exports he has elaborated a plan of institutional
reconstruction of ArmEconom Bank, which aims at developing risks
managing system, improving the structure of corporative management,
installing streamlined technologies and methodologies and raising
the qualifications of the staff etc. The Lloyds TSB representative
noted that they were impressed to see ArmEconom Bank occupying a firm
position in Armenian market. It’s not strange, he said, that such a
bank captured Eurobank’s attention.