Yerevan /Mediamax/. In the course of the recent year, ARARAT BANK registered impetuous development##, which, according to banking experts, is conditioned by the quick change of the bank’s management.

Mediamax reports that, “Russia Finance” Magazine, published in London, gave the above-mentioned assessment to the bank’s activity in its article “ARARAT Bank: Ambitious Programs for 2008”.

The article is published in the special issue of “Russia Finance”, devoted to the Annual Meeting and the Business-Forum of European Bank for Reconstruction and Development, which took place on May 18-19 in Kiev.

Noting that in the end of 2007, as compared to the same period of 2006, the total capital of the bank increased for 20.3%, and the assets – for 224.9%, the commitments – for 391.6%, the author of the article quotes the opinion of the Chairman of the Board and the Chief Executive Officer of ARARAT Bank Ashot Osipyan: “Such growth is related to the new image of the bank, the formation of a new team, as well as the implementation of management mechanism, which gave the opportunity to enter the market with confidence, participate in competitive struggle and win in that competition. In 2006, when I entered ARARAT Bank and proposed my team big and ambitious programs, they seemed to be uncertain. But we were determined in attracting young and enterprising specialists, in realization of educational programs in the bank, implementation of new technologies and program packages, as a result of which the top management overcame the difficulties. We managed to occupy the 11th place among 21 banks in a year, provided that we competed with banks, the capital of which a few times exceeded ours”.

Touching upon the plans of the bank for this year, author of the article quotes Osipyan: “We have ambitious plans for 2008 as well. We will realize a parade of innovations in the Armenian banking market; will offer new services, products and approaches, since the consumer demands that. And if a year ago my team was somewhat uncertain concerning our ambitious programs, today they are the ones to propose the majority of programs”.