YEREVAN, Nov. 9 (ArmenPress) - Armenian Ardshinbank (ASHB) is at the forefront of other local banks regarding the growth rate of its aggregate assets. The Bank's constituent capital of 800 million Armenian drams and the total of 1.8 billion of its aggregate assets will secure a profit of 450 million by the end of the year.

According to ASHB executive manager Levon Farmanian, a 15-20%

growth rate of all the main indexes is planned for the next year. Provided there is a favorable investment field and a strong demand for loans, secured by stable collateral, the Bank may raise its aggregate assets to 2.3 billion in 2001, securing a profit of 500 million Armenian drams.

Besides short-term loan projects, the Bank is also interested in providing long-term credits. The banks plans to open two more branches to be installed with advanced banking technologies.

"The imperfection of the legislation remains the main obstacle to expanding our work," said Farmanian.