Thursday, October 10 2013 18:28
ArmSwissBank and Panarmenian Bank sign a memorandum of mutual understanding
ArmInfo. ArmSwissBank and Panarmenian Bank signed a memorandum of mutual understanding on Thursday.
The press service of ArmSwissbank reports that the document was signed by Chairman of the Management Board, Executive Director of ArmSwissBank Gevorg Machanyan and Chairman of Panarmenian Bank's Board Vahram Nercissiantz.
The memorandum will serve as a basis for the parties to develop co- financing packages and thereby to enlarge the financial capacities of export-oriented companies implementing long-term investment projects.
ArmSwissBank was set up on Oct 7 2004 by Vartan Sirmakes, the founder, co-owner and CEO of the famous Franck Muller Watchland watch manufacturer. As of Oct 1 2013 the bank's authorized capital made up 7.002bln AMD or $17.3mln, total capital 13.5bln AMD or $33.3mln. The bank has 95 employees and over 1,400 customers.
Panarmenian Bank is an enterprise development bank established as an open joint stock company. 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. In the future, the Bank may provide limited equity funding by blending with lending operations, with clearly defined exit strategies. The Bank strives to increase the competitiveness and modernization of export oriented productive enterprises and foster their transition to more proficient management culture. In addition, Panarmenian Bank intends to assist Diaspora supported business enterprises in Armenia.