Yerevan /Mediamax/. All-Armenian Bank will be a financial institution, based on interrelation of the state and the private sector##, Chairman of the Central Bank (CB) of Armenia Artur Javadyan stated.

Mediamax reports that Artur Javadyan said this, presenting the conception for establishing the All-Armenian Bank at the annual meeting of the Union of Armenian Banks (UAB) on June 21 in Dilijan. As the Chairman of the CB stated, the basic goal of the bank will be the funding of projects within the framework of decisions of the National Competitiveness Council.

According to CB Chairman, the All-Armenian Bank will be guided by commercial activity principle; however, it will not get involved in competition with commercial financial institutions of Armenia. “To secure this principle, the All-Armenian Bank will turn to commercial banks and other investors with the proposal to participate in investment projects”, Artur Javadyan stated.

He noted that the bank is being established as an open joint stock company. Authority international financial organizations and private investors, as well as the government of Armenia (with a minimum share participation of 20%) will become the founders of the bank.

“The minimum volume of the authorized capital stock, announced by the bank, will make 30bln drams or $100mln”, Artur Javadyan stated.

CB Chairman noted that the investment activity of the bank will be realized within the framework of the strategy of the National Competitiveness Council. “Each year, the bank will compose and approve an annual investment program, which will be presented for the approval of the National Competitiveness Council”, Artur Javadyan stated.

Te Bank will be established by the approval of a law “On All-Armenian Bank”, the approval of which is expected to take place in September, and the establishment of the All-Armenian Bank is planned for the end of 2008.