Yerevan /Mediamax/. Owners of “Armbusinessbank” plan to receive profit of about $12mln this year##.

Mediamax reports referring the Ukrainian “Business” Magazine that the Chairman of the Board of Ukrainian “UkrPromBank” Aleksandr Soltus said this.

Mediamax recalls that in April 2006, “UkrPromBank” informed on acquisition of 35% of “Arminvestbank”, which was later on renamed into “Armbusinessbank”. Affiliated with “UkrPromBank”, Ukrainian “ALFA-Garant” insurance company also purchased 35% of “Armbusinessbank”.

“The banking market is not very large in Armenia, it is possible to enter it without major expenses and occupy leading positions. Besides, prices for banks are not very high. For the 35% share package we paid only about $3mln, and this year we already plan to receive profit of about $12mln”, Aleksandr Soltus.

On July 4 of 2006, Aleksandr Soltus said in an interview to “Delo” newspaper that the decision to purchase 35% of “Arminvestbank” was conditioned by the fact that “from the point of view of the Armenian legislation, it is quite difficult to purchase the control package”. “As a rule, at least three founders of the bank are to be there for them to have equal shares. But, I think that in the course of time we will purchase the control package”, Chairman of the Board of Ukrainian “UkrPromBank” stated then.