Yerevan/Mediamax/.  Vahram Nersisyants became the Chairman of All-Armenian Bank.

Mediamax reports that Armenian Prime Minister Tigran Sargsian stated that the corresponding decision was made yesterday at the first session of All-Armenian Bank’s Board and today a contract will be signed with Vahram Nersisyants.

Before election for the position of All-Armenian Bank’s Chairman, Vahram Nersisyants occupied the position of Armenian President’s Adviser on Economic Issues.

In November, 2009, Prime Minister Tigran Sargsian stated that All-Armenian Bank would launch activity in 2010, and “authoritative international organizations” were charged with elaboration of the business plan and selection of the Chairman.

In May, 2009, Minister of Economy Nerses Yeritsyan stated that All-Armenian Bank would become a “global retail bank” and would allow Armenia “saying goodbye to foreign loans”. Nerses Yeritsyan said then that the government wanted to turn money transfers to Armenia into capital and would establish a bank for that purpose with branches all over the world. “It is a global retail bank that will target Armenians living overseas,” Minister of Economy of Armenia said then.

“Imagine: if only 1% of all Armenians take a credit card from the new bank, then that will generate enough money for us to say goodbye to [international financial institution] funding forever,” Nerses Yeritsyan stated.

He informed that the government of Armenia had contributed $20mln to the capital of the All-Armenian bank, and that it intended to raise another $80mln from the Diaspora.

Nerses Yeritsyan admitted then that as a result of the global crisis, a number of Diaspora representatives had put on hold their decisions to participate in the capital of the bank. “However, we are confident that they will return and we can push ahead as planned with the bank,” the Minister stressed.