PAN-Armenian Bank to concentrate on education, health and recreation: minister

22.02.2010 12:02
PAN-Armenian Bank to concentrate on education, health and recreation: minister

YEREVAN, February 22, /ARKA/. The pan-Armenian Bank will concentrate on education, health and recreation, Armenian economy minister Nerses Yeritsian said Saturday during the 7-th international economic forum Bridge-2010 in Armenia’s resort town of Tsakhkadzor.

He said these are the sectors that were prioritized by Armenian National Competitiveness Council. He also added that the bank will also promote export-oriented businesses.

The pan-Armenian Bank is expected to launch operation later this year. The minister said an international competition was announced to select its top managers.

The bill on establishment of Pan-Armenian bank was approved by the government in Yerevan in 2008 November. The bank’s authorized capital will be 30 billion Drams (about $100 million). The government will hold 20% in it, the remaining shares are supposed to be acquired by overseas Armenian investors and leading lending organizations.

The declared goal of the new bank is to promote formation of a strong, competitive, science-based pan-Armenian potential aimed at increasing Armenia’s competitive advantages. -0-


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