Yerevan /Mediamax/. “Armeconombank” summed up the results of its activity for 2007 at the general meeting## of the banks’ shareholders, which took place in Yerevan today.

Mediamax reports that the Chief Executive Officer of “Armeconombank” David Sukiasyan singled out a number of notable events, which marked the activity of the bank in 2007.

Among the most significant ones Sukiasyan singled out the fact that the bank received ratings of international “Moody’s” rating company and the following raise of those ratings. In particular, in February of 2007, the bank was conferred E+ rating on financial stability and B1 rating on long-term deposits in drams and foreign currency (both with stable outlook). In April of 2007 “Moody’s” raised the conferred ratings correspondingly to D- and Ba3.

According to the assessment of David Sukiasyan, the conferred ratings contributed to the expansion of the bank’s relations with international financial-credit organizations. Thus, in February of 2007 the bank received a loan at the sum of $2mln from the International Finance Corporation, which was directed to crediting of small and medium enterprise.

In June, the bank signed a loan agreement with the German-Armenian Fund, within the framework of which in 2007 the bank provided mortgage credits at the sum of 103,5mln drams.

In October of 2007, within the framework of the loan agreement with the European Bank for Reconstruction and Development (EBRD), “Armeconombank” received a loan at the sum of $3mln for financing micro and small enterprise.

In late 2007, a syndicated loan agreement was signed between “Armeconombank” and EBRD with the participation of 6 leading international banks, within the framework of which the

In the accounting period “Armeconombank” gained a quality certificate from German Commerzbank AG Bank for realization of speedy and quality international transfers. The bank received a diploma of “Western Union” for the long-term cooperation and expansion of the money transfers network of the given system.

Last year “Armeconombank” also joined “MoneyGram” payment system.