YEREVAN, October 11. /ARKA/. Gevorg Machanyan, Chairman of the Board of Directors and Executive Director of Armswissbank CJSC was elected as new head of the Board of the Union of Banks of Armenia (UBA).

According to the Central Bank of Armenia, Machanyan is replacing Artak Ananyan, the Chairman of the Executive Board of Ardshinbank CJSC, who chaired the Union in 2020-2021.

UBA Executive Director Seyran Sargsyan and members of the Board thanked Ananyan for his efficient work and wished the new chairman fruitful work and success. According to the UBA charter, the chairman of the Board is elected for a period of one year.

Machanyan has more than 40 years of experience in the banking system, 20 of which he held executive positions at the Central Bank of Armenia. He has been Executive Director of Armswissbank since its establishment. -0-