Vahram Nersisyants, Economic Advisor to the Armenian President, was appointed executive director of the All-Armenian bank. On December 9, Vahram Nersisyants and Prime Minister Tigran Sargsyan, president of bank’s board, signed a work contract at the government.  

At the meeting with the journalists Nersisyants stated that the authorized capital of All-Armenian Bank is $100 m with $20 m provided by the state and the rest obtained from international financial organizations or other private sources. According to him, it is very important that the newly established bank should have a good image.  “We will not grant loans to the company which bear relation to any governmental official or his family,” Nersisyants said.

The bank’s mission is to promote exports. However, Nersisyants noted that it is not a commercial bank. It would not provide short-term loans or mortgages. Bank’s top priorities are information technologies, education, tourism and medicine.