CENTRAL BANK OF ARMENIA TO REGISTER ALL-ARMENIAN BANK BY THE END OF APR 2009

ArmInfo
2009-04-08 17:24:00

ArmInfo. The Central Bank of Armenia will register All-Armenian Bank
by the end of Apr 2009, the chairman of the CB Artur Javadyan said
during a press-conference today.

"We are ready to register the bank. I don’t mean licensing. This
process will hopefully take just a couple of months," Javadyan
said. After registration the new bank will open a special accumulation
account at the CB worth some 6bln AMD. The CB is already negotiating
with different investors.

In the next three months one of the headhunter companies the CB has
applied to will select and appoint the chairman of the bank.

None of the 170 applicants was appropriate for this position. After
appointing the chairman the international structures the CB is
presently negotiating with will provide experts for joint drafting
of the bank’s business plan. Then the bank will be provided with
necessary staff and building.

Javadyan says that All-Armenian Bank will start its work in late 2009.

The founders of the bank are the Government of Armenia (no less than
20%), international financial institutions and representatives of
private sector.

The mimimum authorized capital of All-Armenian Bank will be 30bln
AMD. The bank will be managed by general meeting of shareholders,
board and executive body (directorate). The board will have 9-11
members, 5 of whom will be government officials. The bank will be a
financial institution based on the principle of cooperation between
the private and state sectors.

All-Armenian Bank will directly invest money, grant co-loans and
target credits, provide guarantees, issue bonds. It will not compete
with local financial structures. Its activities will be aimed at
financing, developing and analyzing projects, collecting information,
developing business plans, providing advising services, implementing
educational programs.

From: Emil Lazarian | Ararat NewsPress