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"ARDSHINBANK" HAS NO PROBLEMS WITH FULFILLING COMMITMENTS

The amalgamation of "Ardshinbank" with the "Adana" bank is part of the task of attracting the institutional investor that is willing to invest capital in "Ardshinbank" through the "Adana" bank, Director General of "Ardshinbank" Levon Farmanian told ARMINFO. According to him, the appointment of temporary administration in both the banks is accounted for by the process of their amalgamation and the related technical necessity. Farmanian stressed that the bank is fulfilling all its commitments, including those to depositors, and has no liquidity or insolvency problem. Besides, in connection with the amalgamation process, the CB allocated a 5.5mln. USD soft credit to the bank. The temporary administration is managing the credit. The administration consists of two officials of the CB Supervision Department, Director of "Ardshinbank" Levon Farmanian and his deputy Karapet Markossian. Director of the Supervision Department Artashes Davtian is head of the temporary administration. At the current stage, the powers of the governing body of "Ardshinbank" and the rights of share-holders are suspended. A program of further action will be submitted to the CB for approval for the amalgamation to be carried out. Farmanian said that amalgamation can cause changes in the structure of share-holders, as the task of attracting a strategic investor underlies the program. "Ardshinbak" will retain its name after the amalgamation. The CB Board made a decision on February 27 on the amalgamation of "Ardshinbank" and the "Adana" bank and on allocating a long-term system credit (5.5mln. USD) for this purpose. By January 1, 2002, the assets of "Ardshinbank" had totaled 23.2bln. AMD. and those of the "Adana" bank 2.4bln. AMD. The liabilities had totaled 21.8bln. AMD and 1.6bln. AMD respectively.