Yerevan /Mediamax/. “Armeconombank” every year demonstrates “consistent## and serious achievements” and occupies leading positions in implementation of the culture of corporate management.

Mediamax reports that the member of the Board of the Armenian Central Bank Vardan Movsisyan said this in Yerevan today during the annual general meeting of “Armeconombank” shareholders.

Vardan Movsisyan gave a positive assessment to the activity of the bank in the sphere of international financial cooperation, as well as expressed content with the growth of the basic financial indices.

In 2007, the growth of “Armeconombank” assets made approximately 45%, the commitments of the bank increased for 20%, the total capital – for 20%. The credit portfolio of the bank increased for 38% and made 27bln 967mln drams.

As to the plastic cards, the bank registered 25% growth – by the end of 2007 “Armeconombank” had 51 234 holders of plastic cards.

In the accounting period the number of the bank’s customers increased for 45% and made 62 788 individuals and legal entities. In 2007, 2 new branches of the bank were opened - “Noragavit” and “Ijevan”.

The profit of the bank in 2007 made 1bln 893mln drams, growth – 20%. Following the results of 2007, the shareholders of the bank will be paid dividends with the annual profit of 12%.

As the Chief Executive Officer of “Armeconombank” David Sukiasyan noted, in 2008 the bank will continue the work with international financial-credit organizations. He expressed hope that the “large programs” planned for April will be realized already in July-August of 2008.

The point in particular is the credit programs at the sum of about $15-20mln, which will be directed to the funding of small and medium enterprise.

In 2008, “Armeconombank” plans to also introduce a number of new banking products and services, open a branch in the capital city – a center for small and medium crediting, as well as expand the regional network for 5-6 new branches.