Armeconombank Joins NASDAQ OMX

The status of the member of stock exchange will enhance the possibilities of the Bank in regard to effectuation of stock exchange transactions and usage of stock exchange instruments, including corporate securities, REPO agreements, state bonds, foreign currency, etc.

The Nasdaq Stock Market, Inc. (Nasdaq:NDAQ) (NASDAQ(r)) has completed its combination with OMX AB, creating the world's largest exchange company, The NASDAQ OMX Group, Inc. (NASDAQ OMX Group).

Armeconombank OJSC is one of the largest and leading banks in the Republic of Armenia, playing an outstanding role in developing Armenian Bank system. Being a universal-type financial and credit Institution it offers its customers a comprehensive package of bank services. Armeconombank OJSC (the former Armenian Republican Bank “Zhilsotsbank” of USSR ) was the first among state-owned banks of Armenia to be reorganized into a joint stock bank and to be registered in the Central Bank of Armenia (August 26, 1991, Registration No.1).

The year 1997 was crutial for the Bank, as radical changes took place in the structure of share capital, due to attraction of a new strategic investor, the Sukiasyan family, the founders of SIL GROUP, the largest economic entity in the country. This enabled the Bank to resolve the problem of capitalization, increasing its chartered capital fivefold during that year. At present the Bank owns major stakes in “Sil Insurance” CJSC and “Economincassatsia” SCJSC.

The Bank takes active participation in International loan projects of European Bank for Reconstruction and Development /EBRD/, International Finance Corporation /IFC/ (small and medium size businesses finance program) and German-Armenian Fund (micro and small businesses Finance Program). Beginning from October 2006 the bank participates in “Mortgage Market Steady Development” program of German KfW Bank.