Tuesday, October 18 2016 15:11
Emmanuil Mkrtchyan

State-run Panarmenian Bank to be reorganized into private investment company

State-run Panarmenian Bank to be reorganized into private investment company

ArmInfo. The state-funded Panarmenian Bank has experienced ideological failure after about 5 years of its activity that have brought no tangible benefit to the economy of Armenia. The Bank will be reorganized and transferred to private investors.  According to ArmInfo's data, the regulator adopted a decision on it yesterday. The bank will be reorganized into a private investment company. No details of the deal are reported so far.

Central Bank of Armenia registered and licensed the Panarmenian Bank on June 2 2011. As it was reported earlier, the statutory capital of the bank was to total $100 million: $20 million were invested by the Armenian Government and $80 million were to be raised from donors and private investors. It was reported earlier that the World Bank planned to provide long-term loans at interest rates below the market ones. Although the Bank was regulated by the Central Bank, the Parliament of Armenia passed a special law regulating the Bank's activity.  Headed by Vahram Nersisyan, the former advisor of the president for economic affairs, previously WB's representative in Armenia, the Bank failed to start its major mission as a Panarmenian financial enterprise and operated as a microfinance organization. It failed to involve Armenian Diaspora representatives and provide long-term financing to export -oriented private enterprises for funding their investment projects. Actually, the Bank has in no way proved itself in the investment field.


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Government Bonds

Issue volume

10 billion

Volume of T-bills for placement

200 million

Volume of submitted competitive applications

200 million

Volume of satisfied bids

200 million

Yield at cut-off price

 5.8314%

Maximum yield

 5.8314%

Мinimum yield

 5.8314%

Weighted average yield

 5.8314%

Number of participants

2

The maturity date of T-bills

03.02.2020

ArmEx

 

СПРОС (Покупка)

USD

Средневзв. Цена

482,00

ПРЕДЛОЖЕНИЕ (Продажа)

  USD

Средневзв. Цена

-

СДЕЛКИ

USD

Цена откр.

482,00

Цена закр.

482,00

Мин. Цена

482,00

Макс. Цена

482,00

Ср/взв. Цена

482,00

-0.16

Кол-во сделок

1

Объем (инвал.)

200 000

0бъем (драм)

96 400 000