The initial capital of the All-Armenian Bank is 100 million USD equivalent AMD

YEREVAN, OCTOBER 19, ARMENPRESS: The All-Armenian Bank has already been registered and will implement functions of development bank. Chairman of the Armenian Central Bank Arthur Javadyan said today summing up the first all-Armenian forum of financers and bankers that the All-Armenian Bank will unite the potential of the all Armenians and will finance programs of All-Armenian nature.

“We invite not only our diaspora compatriots, not only financers but also representatives of business circles to participate in consolidation of the bank,” Arthur Javadyan said.

The initial capital of the All-Armenian Bank is announced 100 million USD equivalent AMD, Armenia on its side will invest 20 million USD equivalent AMD. Arthur Javadyan said that negotiations are being held with all financial institutions so that in future they have their participation in the bank. In a few days chief executive of the bank will be appointed.

“Soon the business program of the All-Armenian Bank will be specified after the adoption of which it may start its activity. I think that if not by the end of the year, in the beginning of 2011 the bank will start functioning but still with the sums invested by the Republic of Armenia,” Arthur Javadyan said. He said few pivotal directions have been set for the bank – tourism, health, education, infrastructures. Soon the web-page of the All-Armenian Bank will be created.

The chairman of the CB said that in future the bank will have representations, branches in different countries.