One person to combine positions of Pan-Armenian Bank chief executive officer and board chairman

23.06.2011 18:00
One person to combine positions of Pan-Armenian Bank chief executive officer and board chairman

YEREVAN, June 23. / ARKA /. An extraordinary session of the Armenian parliament has passed today in the second and final reading a set of changes to the Law on Pan-Armenian Bank which allow one person to combine the positions of its chief executive officer and board chairman.

A deputy governor of the Central Bank, Nerses Yeritsian, said the amended law allows the Pan-Armenian Bank to place also bonds and deposit certificates. Yeritsain said the bank is already capitalized, but its capital needs to be increased further, and in this regard discussions with international organizations and investors had been held and new tools are envisaged to expand the sources of capital financing.

According to him, the bank is elaborating its internal procedures to carry out its operation. He said also the proposed changes allow the Pan-Armenian Bank to raise additional funds for implementation of various investment programs. The authorized capital of the Pan-Armenian banks is $100 million, of which $20 million has been already provided by the government. The remaining portion is expected to come from international financial organizations and private sources. The chairman of the Pan-Armenian Bank board is prime minister Tigran Sarkisian and the executive director is Vahram Nersissiantz.

The Pan-Armenian Bank is not a commercial bank - it is a development bank and therefore will not provide short-term loans, focusing instead on long-term development programs. Among its priorities are IT , health, education and tourism sectors. -0-


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