Monday, May 19 2014 14:36

Artur Javadyan: Armenian banks will gradually be reorganized from closed to open joint stock companies


ArmInfo. Armenia's banks will gradually be reorganized from closed to open joint stock companies, Chairman of the Central Bank of Armenia Artur Javadyan told the Armenian MPs on Monday.

When asked when Armenia will have an investment bank, Javadyan said that the existing banks will not provide such services as there is a risk of bankruptcy. "We have universal banks providing investment services, so, we will go this way and will simplify procedures to create more such institutions," Javadyan said.

By universal banks providing investment services he meant ArmSwissBank and Ameriabank (ArmInfo).

As of today there are 21 commercial banks in Armenia, of which only Armenian Development Bank, Armeconombank and Araratbank are open joint stock companies, Prometey Bank is LLC and the rest are closed joint stock companies. However, the shares of open joint stock companies have low value on the stock exchange.
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