During the regular Board meeting of the Union of Banks of Armenia (UBA), Chief Executive Officer and Chairman of the Executive Board of ARARATBANK OJSC Mher Ananyan was elected as new Chairman of the UBA Board.

He will replace Gevorg Machanyan, Executive Director and Chairman of the Management Board of ARMSWISSBANK CJSC, who chaired the Union in 2021-2022.

“The Board members and the Executive Director of the UBA expressed their appreciation to the former Chairman Gevorg Machanyan for the efficient work and wished the newly elected Chairman success and productivity during his tenure of office,” the bank said in a news release.

It is noted that according to the UBA Charter, the chairman of the Board is elected for a one-year term of office.

Mher Ananyan, the new Chairman of the UBA Board, has about 30 years’ experience in the banking sector. He has been holding the office of the Chief Executive Officer, Chairman of the Executive Board of ARARATBANK OJSC since February 24, 2020.

More information about Mher Ananyan here