Mon, 9 June
20.1 C
Yerevan
USD: 384.44 RUB: 4.83 EUR: 434.11 GEL: 140.51 GBP: 515.15

Posts of executive director and chairman of the board will be combined

YEREVAN, May 10. /ARKA/. On Tuesday, Parliament of Armenia adopted changes and amendments to the law “On Pan-Armenian Bank”, according to which issues of regulation of positions in the Council of Board of the bank and the opportunity of placement of bonds for the attraction of additional investment resources is suggested.

Presenting the changes, Deputy Chairman of CBA Nerses Yeritsyan said that the changes are implemented taking into account international experience and the necessity of provision of productive management.

“The main change is that the Board Council will present one person who will combine the positions of executive director and chairman of board of the bank”, he said.

The Bank will also have opportunity to place the bonds and deposit certificates. The resources attracted from the residents should not exceed 100 million drams which will then become an opportunity to attract investments.

As for the activity of the bank, it is already capitalized but its capital should be increased. Discussions should be conducted in this direction with international organizations and investors, new instruments are envisaged allowing to expand the sources of funding of capital.

Currently, activities on the formation of internal procedures by which the Bank will implement its activities are conducted.

The Bank also discusses a part of investment programs included in the agenda of the Fund of National Competitiveness (FNC), as well as discusses the opportunity of detection of more competitive programs in various sectors.

The proposed changes allow Pan-Armenian Bank to attract additional resources for the implementation of different investment programs.

The Head of Standing Parliament Committee on Financial-Credit and Budget Issues Gagik Minasyan, said that the Bank is not allowed to implement ordinary banking activity and provide credits for less than 3 years for concentrating on more long-term strategic goals.

“The changes envisage that minimum size of participation in the capital should be 100 million drams and the policy of the Bank should be approved by the government”, said Minasyan.

Charter capital of the Bank is $100 million, of which $20 million has been already provided by the government. The remaining resources will be replenished on the account of international financial organizations and other private sources.

Chairman of the Bank is the Prime Minister of Armenia Tigran Sargsyan. In December 2010 Advisor to the President Vahram Nersisyants is appointed Executive Director of the Bank.

Pan-Armenian Bank is not a commercial bank. It is a development bank and will provide short-term credits concentrating on long-term development programs. Priorities of its activity are IT sphere, healthcare, education and tourism. ($1 – 372.84 drams). –0–

spot_img

POPULAR

Arka news agency’s ranking of most profitable Armenian banks in 2019

In 2019, Armenia-based commercial banks earned a total of 78.8 billion drams in net profit, up from 56.4 billion drams they had earned in 2018, according to ARKA news agency's ranking of the most profitable commercial banks in the fourth quarter of 2019

Top ten Armenian banks by size of lending in 2019

In 2019, the overall loan portfolio of Armenia's banking sector grew by 16.4% to 3.572.2 trillion drams

US dollar, euro and Russian ruble exchange rates down against  Armenian dram

The average market exchange rate of the U.S. dollar to the Armenian dram on May 15, 2025, decreased by 1.05 points compared to May 14 and amounted to 386.94 drams.

Top 10 banks of Armenia by loan portfolio for 1st H 2020

ARKA News Agency has singled out ten banks for their big loan portfolios as of June 30, 2020

Armenia’s public debt increased by 6.2% at the end of 2024 – Finance Ministry

Armenia's public debt at the end of 2024 increased by 6.2% compared to the same period in 2023, reaching about 5 trillion drams, said Armenian Finance Minister Vahe Hovhannisyan.

LATEST NEWS

spot_imgspot_imgspot_img