YEREVAN, May 25, /ARKA/. Armenian Central Bank governor Arthur Javadian said last week the Central Bank has made a 7.5 billion Dram contribution to the chartered capital of the Pan-Armenian Bank. The bank’s overall chartered capital is to total 30 billion Drams, he said, adding that the Central Bank was negotiating with international financial organizations and potential partners from Diaspora to attract the remaining portion.
Speaking at a parliament session he said an international company was recruited to select top managers of the Pan-Armenian Bank.
The bill on establishment of Pan-Armenian bank was approved by the government in Yerevan in 2008 November. The bank’s authorized capital will be 30 billion . The government will hold 20% in it, the remaining shares are supposed to be acquired by overseas Armenian investors and leading lending organizations. The declared goal of the new bank is to promote formation of a strong, competitive, science-based pan-Armenian potential aimed at increasing Armenia’s competitive advantages. -0-
