Author: Chakrian Hovsep

ARDSHININVESTBANK, BANK ‘ACBA-CREDIT AGRICOLE’ AND ‘HSBC BANK ARMENIA’ IN THE LEADING THREE IN THE FIRST QUARTER 2008 BY THE NET PROFIT LEVEL

arminfo
2008-05-14 12:25:00

ArmInfo. Ardshininvestbank, Bank and entered the leading three in the
first quarter 2008 by their net profit level: 1.3 bln drams (($4.2
¬Â"­), 901.5 mln drams ($2.9 mln) and 841.3 mln drams ($2.7 mln)
respectively.

occupied the forth place – 682.4 mln drams ($2.2mln) and the fifth
place – 624.3 mln drams ($2.0 mln).

According to the data of Armenian commerce banks ranking prepared by
ArmInfo, by the level of profitability of assets (share of net profit
in assets – ROA) bank is leading – 1,9%, occupies the second place
– 1,4%, the third – 1,2%, the forth – 1,1% and Unibank the fifth –
1%. Ardshininvestbank is leading by the ROE level – 7,6%, occupies
the second place – 7,5%, Unibank the third – 6,1%, the forth – 6,0%
and ARARATBANK the fifth – 5%.

Summary retained profit of the Armenian banking system amounted to
6.147 bln drams ($20 mln) by the results of the first quarter of 2008,
having grown by 28% if compared with the same period of 2007, and by
more than 9 times if compared with the same period of 2003. According
to the reports of the 22 acting banks, 19 banks finished the first
quarter of 2008 with the summary retained profit – 6.522 bln drams,
and three banks – , ProCreditBank and Byblos Bank Armenia with the
summary loss 375.8 mln drams. ProCreditBank entered the banking market
of Armenia at the beginning of February 2008.

Total capital of the banking system over the first quarter of 2008
has grown by 6,1%, and by 43,5%, if compared with the same period
of 2007 and by more than 4 times if compared with the same period
of 2003, having amounted to 183.5 bln drams ($597.1 mln) as of 31
March 2008. Annual growth of this index is chiefly ensured at the
expense of the authorized capital growth – by 46,4% up to 121.3 bln
drams ($394.9 mln), as well as at the expense of profit growing. is
leading by restoration of the authorized capital. It has grown this
indicator by more than 7 times up to 4.8 bln drams ($15.6 mln) if
compared with the same period of 2007. By the way, this bank reached
such an indicator in the third quarter of 2007 without attraction
of new shareholders. Then comes Armimpexbank, authorized capital
of which grew by more than 3 times up to 6.4 bln drams ($20.8 mln)
if compared with the same period of 2007. It found itself in the
leading five by this indicator.

Ardshininvesbank occupies the third place having grown the authorized
capital by 109,6% up to the leading level 15.5 bln drams ($50.5 mln)
if compared with the same period of 2007. International Finance
Corporation (IFC) entered this bank capital with 10% share in the
forth quarter of 2007.

Armbusinessbank occupies the firth place. Its authorized capital has
grown by more than 2 times up to 5 bln drams ($16,3 mln). In general,
9 commerce banks ensured replenishment of the authorized fund in
the first quarter of 2008 if compared with the same period of 2008,
the given indicator has not changed in the rest 12 commerce banks
(without Bank ProCredit). The authorized capital has grown only in
two banks – ARATBANK (by 12,4% up to 4.1 bln drams or $13.3 mln)
and Armimpexbank in the first quarter of 2008.

As for the rest banks, this index has not changed. Annual falling
of total capital has been fixed only in Byblos Bank Armenia
(the former ITB bank) – by 1,4%, and in four banks over the first
quarter of 2008. Much annual growth of total capital has been fixed
in Armimpexbank – by 131,7% up to 7.9 bln drams ($25.6 mln) and –
by 124,5% up to 21.4 bln drams ($69.6 mln).

Agricole is leading by the level of total capital – 22.2 bln drams
($72.1 mln).

–Boundary_(ID_qLPv1UxB1PobO/PfkzmjGA)–

Azeri Press Agency, Azerbaijan
May 10 2008

Three members of US Congress make statement on 85th jubilee of Heydar
Aliyev

[ 10 May 2008 15:51 ]

Washington. Husniyya Hasanova -APA. Three members of US House of
Representatives made statement in the Congress on 85th jubilee of
Heydar Aliyev.

APA US bureau reports, Virginia Foxx of North Carolina said when
political strife and economic uncertainty engulfed the region, Heydar
Aliyev emerged in 1993 as President of the Republic of Azerbaijan.
Ms. Foxx named Heydar Aliyev as a strong person and leader. She said
late president steered his country through regional power struggles
and global changes. He negotiated a cease-fire in the war with
Armenia. He deepened Azerbaijan’s relationship with the United States,
Turkey, Israel, as well as countries in Western Europe. Focusing on
the `Contract of the Century” signed in 1994, the congresswoman
reminded that this project played irreplaceable role in
diversification of Western energy supplies.

Don Burton of Indiana said Heydar Aliyev worked tirelessly for more
than 30 years–first as part of the Soviet Union, and later as
President of a free and independent Azerbaijan– to build a strong,
vibrant, healthy and prosperous nation. He reminded that when
Azerbaijan regained its independence in 1991, domestic tensions fueled
by competing forces at home and the disastrous war in Nagorno-Karabakh-
-which resulted in the military occupation of 20 percent of
Azerbaijan, and nearly one million refugees and internally displaced
people–threatened to rip the country apart. Many Azerbaijanis were
fearful that their first experience as the short-lived first Republic
in the Muslim world (1918-1920), would be repeated. `Heydar Aliyev,
however, had a vision for Azerbaijan and opened up the country to
investment from the United States, Western Europe, Russia, and Turkey
and Azerbaijan soon became a pioneer in opening the Caspian Sea to
international cooperation and oil and gas exploration’. The
congressman spoke about the importance of Baku-Tbilisi- Ceyhan (BTC)
oil pipeline and Baku-Tbilisi- Erzurum gas pipeline.

Bernice Johnson of Texas spoke about the role of Heydar Aliyev in the
regional and international development of Azerbaijan. He said
Azerbaijan became the first former Soviet Republic outside the Baltic
States with no foreign troops on its soil. Azerbaijan joined NATO’s
Partnership for Peace Program in 1994 and was one of the initiators of
GUAM. Azerbaijan has excellent relations with Israel and there is a
Jewish community in the country. Bernice Johnson said because of the
late President Aliyev’s efforts, today Azerbaijan is a developing
democracy with a growing and vibrant economy. There are no longer any
doubts regarding the viability of this Republic.

AZG Armenian Daily #089, 10/05/2008

National Interests

EDITORIAL. IRONY OF GENOCIDE MUSEUM: A SORE POINT FOR
ARMENIANS, BLISS FOR TURKS

For some months now, the Armenian Reporter weekly,
whose president and CEO is benefactor Gerard L.
Cafesjian, has printed articles which lists what is
claimed to be financial contribution of each trustee
of the Armenian Genocide Museum and Memorial, (AGMM)
to that project, yet to be built in Washington, DC,
two blocks from the White House.

This is a method that tries to tarnish the reputation
of well-known and respected individuals in our
community who have given years of service and money to
Armenia and the diaspora. The community does not want
this any more.

What has prompted this gimmick is equally unworthy.

Mr. Cafesjian is suing the Armenian Assembly and all
AGMM trustees, except Mr. John Waters, who is employed
by him. He is trying to stop the present progress of
the museum project and to reclaim title of the four
properties adjoining the National Bank building, which
is the planned site of the Armenian Genocide Museum.
These four plots purchased by Mr. Cafesjian and
donated to AGMM, have appreciated in value since that
time and would constitute a substantial profit if sold
now.

We are sure that Mr. Cafesjian does not realize that a
lawsuit threatening the creation of the museum in our
nation’s capital memorializing the martyrs of the
Armenian Genocide is disgraceful enough and favorable
turn of event for the Turkish Government and all
denialists in the US.

The Armenian Reporter stated all these when it
published a series of articles by John Waters that
chronicled, what he says, was the history of the
controversy. Mr. Waters cited discussions and debates
among the principals and claimed in effect that Mr.
Cafesjian’s efforts were undermined by the rest of the
Trustees whofailed to share his vision of a grand
Armenian Genocide Museum in Washington. One reader
asked why the views of those being criticized were not
included in the paper’s coverage. The editors claimed
that the museum’s current trustees are planning a
project so modest in size and scope that it is
unworthy of depicting the Armenian Genocide. They then
printed a press release by AGMM with arrows and margin
notes demeaning the museum’s progress and plans.

All this prompted us to obtain a publicly available
court documents that summarized the essence of the
controversy. The Armenian Assembly presented it to the
court and AGMM and its contents were very revealing.
It showed that Mr. Cafesjian was named chairman of the
enterprise from 2003 to 2006 and his colleague John
Waters secretary and treasurer. They were given wide
latitude to plan, develop and build the Armenian
Genocide Museum and Memorial. At Mr. Cafesjian’s
request the Armenian Assembly agreed to drop its
sponsorship of the museum in favor of an independent
corporation. The Armenian Assembly’s board of
directors turned title of the National Bank building,
the core site of the museum project, to the AGMM, as
well as its subsidiary, the Armenian National
Institute, (ANI). ANI, a renowned authority on the
Armenian Genocide, was to serve as the intellectual
and programming heart of the future museum.

Mr. Cafesjian’s chairmanship was described as
unresponsive to requests for information and records
from other trustees. The claimants asserted that both
Mr. Cafesjian and Mr. Waters wasted AGMM assets and
"breached their fiduciary duties" to the AGMM. The
document listed other acts of failed management. It
sought to grant the Assembly and AGMM a series of nine
separate actions of relief to alleviate the affects of
misdeeds and other arbitrary actions. Most
importantly, it asked that AGMM be declared the "sole
and exclusive owner" of all properties over which it
has title.

There is much more in the court document…too much to
be discussed in one article.

However, what is clear is that Mr. Cafesjian had three
years as chairman during which time the museum’s
progress was very problematic. He then decided to
abandon the project and proceeded after a year to sue
his trustee colleagues and the Assembly to reclaim the
four properties he ceded to the AGMM, which by thenhad
appreciated in value…

We also know that repeated efforts were made by the
AGMM trustees to resolve the problem privately and
amicably, but Mr. Cafesjian always refused. Even His
Holiness Karekin II, during the his pontifical visit
last October to the US offered to meet with Mr.
Cafesjian and AGMM trustees to find out if a common
ground could be found to affect a resolution of the
problem, failed.

To that effect we got in contact also with Mr. John
Waters, who commented the following: "In a perfect
world, we wouldn’t be suing the Assembly or involve
the museum in the actions. The driving force to get
anything done (for the museum) was Mr. Cafesjian. He
attended every single meeting. There were a lot of
discussions. We recommended that a team be assembled
for the project board on how to get forward. AGMM sent
packages to 60 architectural firms. From that, we got
30 responses. One of the 30 was Edgar Papazian, who
made a presentation to the board in early 2006. The
person represented by the Assembly and Hovnanian
rejected his concept and all other previous proposals.
Then Mr. Cafesjian said he would resign."

Thus, it seems the matter is fated to be battled out
in the courts.

Huge legal fees, continued embarrassment for the
community, more angry rhetoric in the Armenian
Reporter and blissful Turkish disposition can be
expected.

This newspaper has been in disagreement with several
projects that the Armenian Assembly has done in the
past, and we might disagree on future projects as
well, but we are confident that the Armenian Genocide
Museum will become a noble icon memorializing the
unparalleled tragedy of our people under the direction
of the Armenian Assembly, because we have seen their
plans and anticipate their progress, especially after
their recent partnership with the Armenian Genocide
Museum-Institute at the Tsitsernakaberd Memorial
Complex in Yerevan, Armenia.

It deserves the full support of the Armenian Community
and we urge everybody to let them complete their
mission.

Press Committee of the Armenian Mirror-Spectator

Premier: Armenian ministries should establish efficient dialogue with
mass media

YEREVAN, May 8. /ARKA/. Armenian Premier Tigran Sargsian stressed the
importance of establishing efficient dialogue between the ministries
and mass media.

For this purpose special seminars will be held for journalists and
press services with involvement of best specialists, the Premier said
at the government sitting.

The Premier also said the press services of ministries should analyze
mass media articles and report to the minister on most important
events. The analysis will help reveal possible violations and conduct
official investigation, the Premier said.

Earlier Tigran Sargsian said he plans to ensure publicity of the work
of the executive power and give reporters an opportunity to follow the
government sittings in live broadcast from the government press center.
`0–

AZG Armenian Daily #087, 08/05/2008

Karabakh issue

MEETINGS IN STRASBOURG

Armenian Foreign Minister Edward Nalbandian, who is in
Strasbourg to participate in 118th session of the
Council of Europe Committee of Ministers, met with his
Azerbaijani counterpart Elmar Mammadyarov on May 6 in
accordance with preliminary arrangement, RA MFA Press
Office reported.

The meeting was followed by another meeting with MG
Co-Chairs, Ambassadors Bernard Fassier (France),
Matthew Bryza (USA), Yuri Merzliakov (Russia) and
Personal Representative of OSCE CiO, Ambassador
Andrzej Kasprzyk.

After the meeting E. Nalbandian answered the questions
of the journalists mentioning that the meeting had a
cognitive nature. The two ministers exchanged views on
Karabakh process, presented their countries’ positions
and arranged to continue the negotiations.

The Ministers will present the results of the
discussions to the Presidents. Afterwards, the
Presidents will decide on further activities.

Translated by L.H

Out of political competition

07-05-2008 12:58:10 – KarabakhOpen

On May 6 the government decided to entitle the City Hall of Stepanakert
to the function of granting the right for property for the illegal
constructions on public land in the capital. Hence, now the City Hall
will legalize illegal buildings instead of the State Cadastre Committee.

The issue did not receive any criticism from the ministers. Moreover,
the prime minister instructed the minister of economic development
Benik Babayan to work out another order and entitle the City Hall to
some other functions. According to the prime minister, the City Hall
has no levers of influence on businesses within the municipality.

The issue of division of powers between the local and central
governments has been urgent in Karabakh for many years. Moreover, it
was used for political pressure on opposition heads of communities.
Example is the story of the ex-mayor of Stepanakert Edward Aghabekyan.
He was elected from the opposition party in a democratic election, and
it cost him dear, he simply was not allowed to work. More exactly, the
citizens of Stepanakert suffered where no roof, no building, no street
was repaired for 4 years. In addition, nobody hid that the government
did not subsidize the City Hall `out of political competition’.

Now the mayor is not a `competitor’ any more. Besides, Edward
Aghabekyan participates in the meetings of government as adviser to
prime minister.

CORRECT USE OF ARMENIA’S POTENTIAL MAT GREATLY PROMOTE ECONOMIC
DEVELOPMENT

YEREVAN, MAY 5, NOYAN TAPAN. Problems of improvement of the investment
environment in Armenia and the full use of the Diaspora’s potential
were discussed at the April 5 meeting of the Armenian president Serge
Sargsian, the Diasporan Armenian businessman and benefactor Vatche
Manukian and the member of HSBC Bank’s board of CEOs David Budd.

According to a press release submitted to NT by the RA president’s
press service, the interlocutors said that Armenia has considerable
potential and its correct use may greatly promote the economic
development, including the growth of tourism. They also adressed the
prospects of expanding HSBC Bank’s activities in Armenia.

AZG Armenian Daily #086, 07/05/2008

Armenia-Diaspora

RA PRESIDENT RECEIVED HSBC BANK BOARD OF DIRECTORS

President Serge Sargsian received Diaspora businessman
and philanthropist Vache Manukian and member of HSBC
Bank Board of Directors David Badd on May 5.

Issues of expansion of investment environment in
Armenia and complete usage of Diaspora potential were
discussed during the meeting.

The sides mentioned that Armenia has a big potential
which right usage may greatly promote the development
of the economy including growth in tourism volumes.

The issue of expansion of HSBC bank activity was
discussed also during the meeting.

Translated by L.H.

RA MINISTER OF FOREIGN AFFAIRS REAFFIRMS ARMENIA’S READINESS FOR
REGULATING NAGORNO KARABAKH ISSUE THROUGH NEGOTIATIONS

PARIS, MAY 6, NOYAN TAPAN. The first official meeting between Eduard
Nalbandian, the Minister of Foreign Affairs of the Republic of Armenia,
and Bernard Kouchner, the Minister of Foreign and European Affairs of
France, was held in Paris on May 5. Bilateral, regional, as well as
issues of international mutual interest were discussed during the
meeting.

Eduard Nalbandian introduced the viewpoints of the leadership of
Armenia on the provision of regional security, the regulation of the
existing conflicts and the development of cooperation. In this respect
special attention was paid to issues connected with the current process
and prospects of the negotiations on the regulation of the Nagorno
Karabakh conflict. Eduard Nalbandian stated about the readiness of
Armenia for continuing the negotiations on the basis of the suggestions
of the Co-Chairmen of the OSCE Minsk Group, highly appreciating the
efforts of the mediators in the direction of the conflict regulation.

Bernard Kouchner made assertions that his country will continue its
efforts in the OSCE Minsk Group in the direction of finding ways for
the solution of the Nagorno Karabakh problem.

After the second half of the current year under the light of the
presidency of France in EU the Ministers touched upon issues on more
deepening the cooperation with Armenia within the frameworks of the EU
Neighbourhood Policy.

The meeting was followed by a press conference of the Ministers of
Foreign Affairs of Armenia and France.

Reaffirming the readiness of Armenia for regulating the Nagorno
Karabakh issue through peaceful negotiations, Eduard Nalbandian stated:
"Today there is a precise demand for creating constructive surroundings
for negotiations and establishing mutual confidence between the
parties. Today there is a precise demand for reaffirming that there is
no alternative for the settlement of the Nagorno Karabakh issue through
peaceful negotiations. Tomorrow I will meet with my colleague in
Strasburg and I hope that we will continue the constructive dialogue
for finding ways for the solution of the issue with the help of
mediators."

In connection with the regulation of the relations with Turkey, the RA
Minister of Foreign Affairs stated that the current generation of the
two peoples has received a heavy inheritance from the past and that the
political leaders should make compromising steps with all
responsibility in order to turn that black page. "Armenia in its part
is ready, we suggest reestablishing relations without any preconditions
and this will be in the interest of the whole region, in the interest
of our peoples," Eduard Nalbandian said.

According to the information provided to Noyan Tapan by the Press and
Information Department of the RA Ministry of Foreign Affairs, Eduard
Nalbandian left for Strasburg on the same evening to take part in the
118th session of the CE Ministers’ Committee.

The meetings of the RA Minister of Foreign Affairs with Elmar
Mamedyarov, the Minister of Foreign Affairs of Azerbaijan, as well as
the Co-Chairmen of the OSCE MInsk Group are scheduled for May 6 and
will finish late in the evening.

Azeri Press Agency, Azerbaijan
May 6 2008

Bernard Fassier: `Armenian new foreign minister needs to familiarize
himself with a number of issues regarding the talks process’

[ 06 May 2008 20:29 ]

Strasbourg. Fuad Gulubeyli-APA. `It’s too early to talk about any
concrete achievements at the meeting with Azerbaijani Foreign
Minister. Elmar Mammadyarov has been participating in the talks
process for four years.

But Armenian new foreign minister has recently joined the process and
he needs to familiarize himself with a number of issues regarding the
talks process’, APA Europe Bureau reports that OSCE Minsk Group French
Co-Chair Bernard Fassier said these words after Azerbaijani Foreign
Minister Elmar Mammadyarov’s meeting with the OSCE Minsk Group
Co-Chairs. He noted that after the meeting with Armenian minister, the
negotiations would be conducted with the participation of the
co-chairs and Foreign Ministers of the two countries. `One can talk
about any results after that meeting’, he said. The discussions are
conducted on organization of a meeting of Azerbaijani and Armenian
presidents and the date of co-chairs’ visit to the region.