New central office of Artsakhbank

Azat Artsakh – Republic of Nagorno Karabakh (NKR)
June 23 2004

NEW CENTRAL OFFICE OF `ARTSAKHBANK’

On June 20 the official opening of the new office of `Artsakhbank’
took place in Stepanakert. At the ceremony were present the president
of NKR Arkady Ghukassian, prime minister Anoushavan Danielian, high
officials, members of parliament, members of the government, guests
from Armenia and abroad, representatives of the world of business.
Among the honourable guests were the president of the Central Bank of
the Republic of Armenia Tigran Sarghissian, representative of the
principal shareholders of `Artsakhbank’ CJSC, member of theboard
Arden Selefian. The president of the administration of `Artsakhbank’
Kamo Nersissian thanked the principal shareholders Vardan Simakesh
and Hrach Kaprielian for providing excellent conditions for the
personnel of the bank, the NKR authorities for their constant
assistance, and the Central Bank of Armenia for effective
cooperation. He presented the activity of the company in the recent
years. Being one of the main financial links in the NKR economy and
the only Armenian resident trade bank functioning in all the regions
of NKR `Artsakhbank’ greatly contributes to the implementation of the
main strategic economic programs, fulfills certain functions of the
central bank the first of which is serving the budget. Through the
bank also foreign investments are involved in the economy of Artsakh
promoting the general development of different spheres of industry
and enabling to create new jobs. The rising fiscal rates are the
evidence to the effective activity of the bank in the recent years.
Revenues grow year by year, this year by the data of May 1 the assets
of the bank totaled 16.3 billion drams against 2.9 billion drams in
2000, banking capital 2 billion drams against 1 billion drams in
2000. Only in 2003 the bank issued 11 billion drams of loans to legal
and natural persons and in the last three years the circulation of
loans surpassed 27 billion drams. Issuing of consumer and mortgage
loans tends to develop. Being a shareholder of the company `Armenian
Card’ `Artsakhbank’ has started a wide-scope activity directed at the
organization of service by international plastic cards. In the
nearest future the bank will enter the international market `Forex’
through the system of `Reiter’.Â

NIKOLAY BAGHDASSARIAN

From: Emil Lazarian | Ararat NewsPress

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