YEREVAN, May 29. /ARKA/. Anelik Bank Board chairman Samvel Chzmachyan has been appointed head of the Union of Banks of Armenia, the bank’s press office reported.

Chzmachyan headed the Union of Banks of Armenia in 2003-2006, according to the report.

“Armenia’s banking system is traditionally considered most competitive and accomplished segment in the country’s economy, and we should do our best to make it even more successful and stable”, the newly appointed head said.

Samvel Chzmachyan has been considered one of the most experienced managers in the country’s banking sector over the last 25-30 years. He has headed Anelik Bank for the last 20 years.

The Union of Banks of Armenia was founded in July 1995, as required by Armenia’s law about banks and banking activities. Initially there were 31 commercial banks in the Union. Today 22 banks are members of the Union. The main aim of the union is to protect interests of the country’s commercial banks.–0--