YEREVAN, DECEMBER 26, NOYAN TAPAN. The management of Ardshininvestbank intends to start the process of reorganizing the bank from the closed joint stock company into an open joint stock company, the chairman of the bank's board Aram Andreasian announced this at the December 26 press conference. According to him, assets of Ardshininvestbank grew by 34% or over 23 bln drams (about 66.6 million USD) in 2007 on 2006 and will make 93 billion drams in late 2007, while its liabilities increased by 28.2% (16 bln drams) and will make about 75 bln drams in late 2007. A. Andreasian said that it is expected that by results of 2007, Ardshininvestbank will receive a net profit unprecedented for the Armenian banking system - a net profit of over 4 bln drams to exceed twofold last year's index. Thanks to this profit and investments of the bank's shareholders, the overall capital of Ardshininvestbank will amount to about 19 bln drams against 11 bln drams at the beginning of the year. In the words of A. Andreasian, it is envisaged that in 2008 Ardshininvestbank will issue bonds of the total amount of 3 bln drams (about 9.84 mln USD). It was stated that Landesbank Berlin (Germany) and Atlantic Forfaiting company (Switzerland) have given 2 million euros with a repayment period of 5 years for production re-equipment of the bank's big customers, while American Express and Byblosbank (Lebanon) have provided credit lines of 2 million dollars for implementation of document-related operations. A. Andreasian said that Ardshininvestbank is in first place in the Armenian banking system by the amount of credit investments, which will make 57 bln drams at the end of 2007 (83% growth). Consumer crediting grew almost 3fold and will make 20 bln drams in late 2007, while attracted deposits grew by 50% and will make about 15 bln drams at the end of 2007. The bank has a representative office in Paris, 49 branches in Armenia and 2 branches in the Nagorno Karabakh Republic.

---