Armbusinessbank Cooperates With GAF, Becomes Leading Mortgage Lender

ARMBUSINESSBANK COOPERATES WITH GAF, BECOMES LEADING MORTGAGE LENDER

/ARKA/
May 26, 2009

YEREVAN, May 26. /ARKA/. As a result of its two-year cooperation with
the German-Armenian Fund (GAF) as part of the Housing Finance Program,
Armbusinessbank was considered a top mortgage lender with its mortgage
loans to residents in dozens of banks and partner organizations.

As part of the program, the bank extended mortgage loans total of
4.4bln drams (19.5% of loans tailored for Housing Finance program).

As of April 30, Armbusinessbank extended 931.8mln drams worth loans
to 165 individuals. About 47.2% of the loan funds were injected into
procurement of flats, with the rest serving for repair activities.

Armbusinessbank (former Arminvestbank) was recorded on December
10, 1991.

The Kiev-based Ukrprombank became the 35% shareholder of the bank
in 2006, with the Ukrainian Alfa Garant insurance group and Christy
Management holding respectively 35% and 30% of the bank’s shares.

According to ARKA News Agency’s preliminary information, as of
March 31, Armbusinessbank’s assets totaled 46.3bln drams, with its
liabilities amounting to 39.5bln drams. The bank posted 6.8bln drams
worth total capital, with its authorized capital amounting to 5bln
drams. The bank’s quarterly loan investments totaled 26.4bln drams,
with liabilities being worth 23.9bln drams. ($1- 371.70 drams)