Wednesday, September 7 2011 14:44
Vahram Nersisyants: The state will not take part in activity of the Pan-Armenian Bank
Arminfo. The ceremony of official opening of Pan-Armenian Bank took place in Yerevan today. President of Armenia Serzh Sargsyan, Chairman of Central Bank Artur Javadyan, bankers, representatives of international financial structures and other official attended the opening ceremony.
Pan-Armenian Bank's Board Chairman and CEO Vahram Nersisyants did not present any parameters of the bank, including the size of the authorized capital and the structure of the shareholders of the bank, told journalists that this bank is a development bank.
"The idea of this bank creation rose when Serzh Sargsyan was a prime minister. We understood that there is shortage of long-term resources in Armenia for economy development. For this reason, some commercial banks implement long-term financing at the expense of the short-term resources. This is a wrong approach and the crisis proved that", - Nersisyants said.
The bank is founded like an open stock company. Its objective is to collect long-term financing from international finance organizations and other private sources directed toward development, in order to provide long-term development financing to competitive production enterprises registered and operating in Armenia. In this way, the Pan-Armenian Bank will contribute to additional economic growth in Armenia and stimulate export of good and services.
He also added that the Pan-Armenian Bank will not compete with commercial banks, since it will not accept deposits, or provide commercial credits. Aside from its direct crediting, the Bank can cooperate with commercial banks and introduce financing packages to enterprises, as the Bank will provide long-term financing resources while the commercial banks, jointly with the Pan-Armenian Bank, will provide shorter-term and working capital and commercial financing of those enterprises. Activities of the Pan-Armenian Bank will be regulated by the Central Bank of Armenia, and in compliance with Armenian legislation.
Nersisyants mentioned the WB, IFC, EBRD, European Investment Bank, Asian Development Bank and EurAsian Bank like the international structures from which the Pan-Armenian Bank is going to attract long-term funds.
He also said that the bank will offer the long-term resources up to 10 years depending on the level of amortization of the financed assets. Nersisyants said that Pan-Armenian Bank has already made partnership contracts with Ameriabank and is going to sign similar contract with ACBA-Credit Agricole.
He emphasized that in many countries of the world the activity of the development banks fail if the state participates in it in this or that way.
"For this reason, we shall work independently from the state, but according to the legislation of the Central Bank", - he said.
At present the Pan-Armenian Bank has only 14 employees, but their number may grow up to 60 if needed, he said.
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