Pan-Armenian Bank transformed into investment fund

14.08.2017 12:56
Pan-Armenian Bank transformed into investment fund

YEREVAN, August 14. /ARKA/. The Yerevan-based Pan-Armenian Bank has been transformed into an investment fund, the press service of the Armenian Central Bank reported today.

‘To ensure the efficiency and flexibility of the tasks of the Pan-Armenian Bank, the Central Bank initiated a process of reorganization, as a result of which the bank is transformed into an investment fund," the regulator said, adding that the process of transformation is logically and legally completed.

The Pan-Armenian Investment Fund already operates; it has a specialized manager, whose powers, as well as those of the shareholder, are exercised by the authorized body of the Armenian government.
Currently, the government and the Central Bank are discussing the legal and technical details of the process, in particular, the transfer of the leadership of the Pan-Armenian Investment Fund and its manager to the responsible body of the Armenian government.

Pan-Armenian Bank was created as a development bank in 2011. Its only shareholder was the Central Bank of Armenia. The authorized capital of the bank was 7.5 billion drams. ($ 1 - 478.52 drams). -0-

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