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Equipment Of 500,000 Euros For Armeconom Bank

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  • Equipment Of 500,000 Euros For Armeconom Bank

    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.
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