YEREVAN, July 8, /ARKA/.  Areximbank-Gazprombank Group is the first Armenian bank to launch the process of shifting  to  full electronic circulation of documents as part of a paperless strategy designed to improve document management.  The bank said in a press release that the electronic format allows to substantially cut the time of documents circulation and raise the management efficiency.

According to some Western consulting companies,  employees spend  20-30% of their work time on doing regular paper work.

Hasmik Nersisyan, chief of the information technology department  of the bank, said the system will be installed  in late August while the process of shifting to full electronic circulation of documents, together with personnel training, will be over in late 2010. She said also  together with the bank, its major corporate clients will also shift to electronic circulation of documents.

Areximbank-Gazprombank Group is a member of international payments systems VISA International and MasterCard International. The bank is owned fully by Gazprombank. On March 31 its  total reserves were worth 45.6 billion Drams, liabilities stood at 31.6 billion Drams, its total capital totaled 14.1 billion Drams, chartered capital was worth  12.3  billion Drams, credit portfolio stood at  25.1  billion Drams. In the first quarter of 2010 it earned about 88 million Drams in net profits. The bank has 15 branches, 6 in Yerevan and 9 in regions. ($1 – 368.73 Drams). -0-