YEREVAN, January 15. /ARKA/. Amiryan, one of Araratbank’s branches, is renamed Izmirlian for Tigran Izmirlian, chairman of Swiss Izmirlian Foundation.

Araratbank’s official site says that taking into account its two-year-long successful cooperation with the foundation and with its chairman personally, the bank has decided to rename its branch.

Ashot Osipyan, chairman of this Armenian bank’s board, said that Araratbank’s administration wanted to express its respect for Tigran Izmirlian and his family this way.

The bank appreciates their patriotic activity very much, he said.

In June 2007, Araratbank signed a $4-million co-financing agreement with Izmirlian Foundation.

Under this agreement, the foundation provided $2 million.

This agreement has contributed a great deal to promotion of business crediting in Armenia.

Araratbank OJSC, heir of ArmSvyaz, was established in 1991.

In October 1996, the bank received the license #4.

European Bank for reconstruction and Development holds 25% of Araratbank’s shares and 74.1% belong to Barsegh Beglaryan, owner of Flash Company.

On January 30, 2009, Araratbank joined NASDAQ OMX Armenia Stock Exchange.

The bank has 27 branches in Armenia. ---0---