Monday, March 15 2010 18:12
Ameriabank is going to create Armenia's private pension fund
ArmInfo. Corporate Banking Director of Ameriabank Levon Arevshatyan says that the bank offers legal entities a private pension contribution service. For as long as no relevant law is existent, pension contributions are managed on a trust basis but, as soon as private defined contribution pension system becomes obligatory, the bank will seek to create Armenia's first private pension fund.
Pension contributions are placed in low risk asset, the government bonds of the Central Bank, the corporate bonds of highly rated issuers, foreign assets. Pension contributions may range from 3% to 15% of an employee's salary as agreed with the employer, account management fees - 0.7%-1.5% depending on the total sum.
By the end of 2010 Ameriabank's private pension account portfolio may amount to 50mln AMD. In order to minimize the risks the bank keeps the funds on segregated accounts with the depositors being fully responsible for investing money from their accounts in securities.
Ameriabank is subsidiary of TDA Holdings Limited, affiliate of Troika Dialogue. In 2009 the amount of the bank's time deposits grew by 2.6
times to 54.3bln - the first place in the banking system of Armenia. The structure of the bank's liabilities is as follows: 17% liabilities to the Government, 56% - time deposits by legal entities, 27% - deposits by physical entities.
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