Central bank seeks ‘to get rid’ of Pan-Armenian bank
18.10.2016,
15:23
Armenia’s Central Bank seeks ‘to get rid’ of the Pan-Armenian Bank, a local daily "Haykakan Zhamanak" (Armenian Time), claims citing its own sources.
YEREVAN, October 18. /ARKA/. Armenia’s Central Bank seeks ‘to get rid’ of the Pan-Armenian Bank, a local daily "Haykakan Zhamanak" (Armenian Time), claims citing its own sources. According to the newspaper, the bank, founded and solely owned by the Central Bank, is very likely to change its owner soon.
‘The Central Bank is trying to get rid of this bank, which has become a meaningless burden on it. Initially, the idea of the Pan-Armenian Bank was to raise funds from various sources and lend them as long-term loans to export-oriented companies,’ the daily says.
However, as the newspaper notes, over the five years of its existence, the Pan-Armenian Bank has provided only 5 billion drams worth loans, having, as a matter of fact, failed the very idea of its existence. According to the daily, despite this the bank's employees continue to receive high salaries. For example, its chairman Vahram Nersisyants’ salary is more than $20 thousand a month.
Central Bank chairman Arthur Javadyan first floated the idea of withdrawing from the capital of the bank about two years ago. Later, he reiterated it, saying the regulator was negotiating with potential investors.
According to him, since its inception the Pan-Armenian Bank appeared unable to implement the plans that were laid down in the law on its establishment.
The Pan-Armenian Bank was founded as an open joint stock company with a capital of $100 million, of which $20 million were invested by the government. ($ 1 - 475.75 drams). -0-
‘The Central Bank is trying to get rid of this bank, which has become a meaningless burden on it. Initially, the idea of the Pan-Armenian Bank was to raise funds from various sources and lend them as long-term loans to export-oriented companies,’ the daily says.
However, as the newspaper notes, over the five years of its existence, the Pan-Armenian Bank has provided only 5 billion drams worth loans, having, as a matter of fact, failed the very idea of its existence. According to the daily, despite this the bank's employees continue to receive high salaries. For example, its chairman Vahram Nersisyants’ salary is more than $20 thousand a month.
Central Bank chairman Arthur Javadyan first floated the idea of withdrawing from the capital of the bank about two years ago. Later, he reiterated it, saying the regulator was negotiating with potential investors.
According to him, since its inception the Pan-Armenian Bank appeared unable to implement the plans that were laid down in the law on its establishment.
The Pan-Armenian Bank was founded as an open joint stock company with a capital of $100 million, of which $20 million were invested by the government. ($ 1 - 475.75 drams). -0-
