Thursday, July 4 2013 21:50

Ameriabank and Panarmenian Bank sign a Memorandum of Understanding


ArmInfo. Ameriabank and Pan-Armenian Bank have signed a Memorandum of Understanding. Ameriabank's press service told ArmInfo that the document was signed on July 3 by CEO of Panarmenian Bank OJSC Vahram Nercissiantz and Director General, Chairman of Directorate of Ameriabank CJSC Artak Hanesyan.

The source says that the Memorandum implies implementation of joint financial projects aimed at expansion of investment capacities of the Armenian export-oriented companies.

The heads of the two financial structures think that the cooperation between Ameriabank and Panarmenian Bank will create new opportunities for long-term financing, which contribute to development of Armenian economy, enhancement of the local companies' competitiveness in international markets, and to employment growth in Armenia.

To note, Ameriabank provides investment, corporate and retail bank services. Since November 2011 the majority shareholder of the Bank has been Ameria Group with a 99.99% stake. As of 1 April 2013 the total capital of Ameriabank was 38.3 bln AMD (2nd position), assets - 309 bln AMD (1st position), loan book - 168.3 bln AMD (3rd position).

To recall, the law on Panarmenian Bank was adopted by the National Assembly of Armenia on 24 December 2008. Panarmenian Bank is not a commercial bank. The Bank aims to mobilize long-term resources from the international financial institutions and development-orientated private sources to finance investment projects of private enterprises. Panarmenian Bank finances private sector enterprises, registered and operating in Armenia, by offering long-term loans.
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