PRESIDENT SARGSYAN ATTENDED CEREMONY OF PANARMENIAN BANK INAUGURATION
Economic News (Information Agency Oreanda)
September 12, 2011 Monday
Russia
Yerevan. OREANDA-NEWS . September 12, 2011. President Serzh Sargsyan
attended the ceremony of inauguration of the Panarmenian Bank and
observed working conditions in the Bank.
The Chairman of the Board and Chief Executive Director of the
Panarmenian Bank Vahram Nersissiants in his remarks dedicated to the
opening of the Bank noted that the Panarmenian Bank is a development
bank and has been established as an open joint stock company. It aims
to mobilize long-term resources from the international financial
institutions and other development-orientated private sources, and
allocate the proceeds to competitive enterprises operating in Armenia
by providing long-term loans and/or equity investments. As such,
Panarmenian Bank will help to generate additional economic growth
and promote export of goods and services.
It was noted that the Panarmenian Bank will not compete with the
commercial banks since it will not accept deposits and will not
provide trade finance. In addition to its direct lending operations,
the Panarmenian Bank may collaborate with commercial banks in providing
financial packages to enterprises whereby the Panarmenian Bank will
provide long-term financial resources, while the commercial banks
along with the Panarmenian Bank will provide relatively shorter-term
working capital and commercial loans. Panarmenian Banks activities
will be regulated by the Central Bank of Armenia in accordance with
the RA legislation.
From: Emil Lazarian | Ararat NewsPress
Disclaimer: This article was contributed and translated into English by Emil Lazarian. While we strive for quality, the views and accuracy of the content remain the responsibility of the contributor. Please verify all facts independently before reposting or citing.
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