OREANDA-NEWS. September 12, 2011. President Serzh Sargsyan attended the ceremony of inauguration of the Panarmenian Bank and observed working conditions in the Bank.

The Chairman of the Board and Chief Executive Director of the Panarmenian Bank Vahram Nersissiants in his remarks dedicated to the opening of the Bank noted that the Panarmenian Bank is a development bank and has been established as an open joint stock company. It aims to mobilize long-term resources from the international financial institutions and other development-orientated private sources, and allocate the proceeds to competitive enterprises operating in Armenia by providing long-term loans and/or equity investments. As such, Panarmenian Bank will help to generate additional economic growth and promote export of goods and services.

It was noted that the Panarmenian Bank will not compete with the commercial banks since it will not accept deposits and will not provide trade finance. In addition to its direct lending operations, the Panarmenian Bank may collaborate with commercial banks in providing financial packages to enterprises whereby the Panarmenian Bank will provide long-term financial resources, while the commercial banks along with the Panarmenian Bank will provide relatively shorter-term working capital and commercial loans. Panarmenian Bank’s activities will be regulated by the Central Bank of Armenia in accordance with the RA legislation.