Pan-Armenian Bank opens in Yerevan
Serzh Sargsyan today attended the opening ceremony of Pan-Armenian Bank.
As the Board Director and bank CEO Vahram Nersisyants stated, the bank has been established as a development bank and an open corporation. The bank aims to attract foreign investments to provide long-term development financing to competitive industrial enterprises operating in Armenia. It will try to contribute to the economic growth through boosting export of products and services.
The Pan-Armenian Bank will not compete with commercial banks because it will not accept deposits or issue trade credits. The bank plans to cooperate with commercial banks, who may further offer financing packages to local enterprises. The Pan-Armenian Bank will provide long-term funds to enterprises while the commercial banks will provide short-term working capital and commercial financing.
The activity the bank will be regulated by the Central Bank of Armenia in conformity with relevant legislation
