PROJECT ON CREATING ALL-ARMENIAN BANK IS IN THE ROUND OF REALIZATION

ARMENPRESS
DECEMBER 16, 2009
YEREVAN

YEREVAN, DECEMBER 16, ARMENPRESS: Currently works are being undertaken
toward working out a business program on creation of All-Armenian
Bank. International experts are also involved in the process, and it
is expected to be ready by the end of the year.

Public relations department of the Armenian Central Bank reported
that after the adoption of the program and selection of the executive
director, the All-Armenian Bank will start its activity.

The process of selection of the executive director for this financial
establishment is not finished yet. A corresponding competition has
been announced with that aim.

The All-Armenian Bank will be created on the principle of state-private
cooperation within the "Armenian World" concept and in this respect
will be the first financial institute.

The goal of the establishment will be to finance such projects which
will form and use strong, competitive and knowledge-based potential of
the all-Armenian network. It will particularly finance all-Armenian
projects, maintaining two basic principles. The first one is not to
compete with trade banks: the bank will finance such projects which
the trade banks do not want or cannot finance. The second one is the
trade activity principle, which means that the bank will finance only
profitable projects.

Answering to the question of "Armenpress" news agency, Armenian prime
minister stated that the All-Armenian Bank is expected to start its
activity in already 2010.