Karen Safaryan (born in 1963) has been Chairman of the Board of Directors since 2003. Mr. Safaryan also serves as the President of RASCO LLC and the Chairman of the Supervisory Board of Directors of International Business Center JV CJSC. Prior to joining the Bank, he was the Chairman of the Board of Directors and the General Director of Rosaviaspetskomplekt CJSC from 1999 to 2002 and from 1997 to 1999. Mr. Safaryan was also the General Director of Transit CJSC from 1995 to 1997. He graduated from the Azerbaijan Polytechnic Institute in 1985.