YEREVAN. – Armenian President Serzh Sargsyan today attended official opening of the Pan-Armenian Bank, where he got familiarized with the Bank’s working conditions.   

In his opening remarks at the event, Pan-Armenian Bank’s Board Chairman and CEO Vahram Nersisyants noted that this bank is a development bank, and it is founded as an open stock company. Its objective is to collect long-term financing from international finance organizations and other private sources directed toward development, in order to provide long-term development financing to competitive production enterprises registered and operating in Armenia. In this way, the Pan-Armenian Bank will contribute to additional economic growth in Armenia and stimulate export of good and services, Presidential Press office informed Armenian News-NEWS.am.

It was also noted that the Pan-Armenian Bank will not compete with commercial banks, since it will not accept deposits, or provide commercial credits. Aside from its direct crediting, the Bank can cooperate with commercial banks and introduce financing packages to enterprises, as the Bank will provide long-term financing resources while the commercial banks, jointly with the Pan-Armenian Bank, will provide shorter-term and working capital and commercial financing of those enterprises. Activities of the Pan-Armenian Bank will be regulated by the Central Bank of Armenia, and in compliance with Armenian legislation.