OREANDA-NEWS. August 21, 2012. The Board of Governors of the Black Sea Trade and Development Bank (BSTDB) held its 14th Annual Meeting under the Chairmanship of Mr. Arthur Javadyan, BSTDB Governor for Armenia and Chairman of the Central Bank of the Republic of Armenia.

The Board of Governors approved the Bank’s Annual Report and financial statements for the year 2011 showing a net profit of EUR 10,1 million despite the continuing  global uncertainties. Board approvals during 2011 reached EUR 359,3 million, an increase of 67.7% over the previous year.

The Board of Governors reaffirmed the commitment of the Members-States to the regional development mission of BSTDB and stressed the need to diversify its funding sources to complement shareholders’ capital payments.

The Board elected the Governor for the Republic of Azerbaijan as the new Chairman of the BSTDB Board of Governors. The Governors for the Republic of Bulgaria and Georgia were elected as Deputy Chairmen, for a period of one year until the next Annual Meeting decided to take place in Baku, Azerbaijan, on June 9, 2013.