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It Is Envisaged To Transform Ardshininvestbank Into Open Joint Stock

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  • It Is Envisaged To Transform Ardshininvestbank Into Open Joint Stock

    IT IS ENVISAGED TO TRANSFORM ARDSHININVESTBANK INTO OPEN JOINT STOCK COMPANY

    Noyan Tapan
    Apr 18 2006

    YEREVAN, APRIL 18, NOYAN TAPAN. It is envisaged to transform
    Ardshininvestbank CJSC (closed joint stock company) into an open joint
    stock company (OJSC) in the future. Chairman of Ardshininvestbank
    Board Aram Andreasian stated at the April 18 press conference
    that the bank management also intends to attract an institutional
    investor. According to him, by the results of the first quarter of this
    year, Ardshininvestbank took first place in the RA banking system by
    the amount of its undistributed profit, which made about 4.9 bln drams
    (about 10.9 mln USD). The bank was in second place by the amount of its
    assets, capital and credit invetsments, which made 53.1 bln drams, 9.4
    bln drams and 22.8 bln drams respectively. There was an unprecedented
    growth in the number of ArCa and MasterCard plastic cards issued by
    the bank in the first quarter of 2006 (15 thousand cards). It was
    noted that this year the bank will continue participating in a number
    of international programs. Particularly, Ardshininvestbank plans to
    take part in the mortgage crediting market development program, which
    is being implemented by KfW Bank (Germany). A. Andreasian assured
    that this market will develop in Armenia and mortgage crediting will
    become accessible for many sections of the country's population.
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