Yerevan, May 23. /Mediamax/. The introduction of corporate management will make the activity of Armenian banks more transparent and effective, member of the Board of the Central Bank of Armenia (CB), Vache Gabrielian, said in Yerevan today.

Speaking at the workshop “Corporate management in Armenia’s banking system”, Vache Gabrielian said that there are no specific terms for the transition to corporate management, but beginning 1 July 2006 some new standards will be launched, which will help gradually introduce corporate management.

Vache Gabrielian noted that Armenia’s banking can be adapted to corporate management. According to him, there are some problems with the small volume of the market, but they can be resolved. As for the lack of qualified personnel, Vache Gabrielian thinks they can be invited from abroad.

Corporate Governance Specialist of the International Finance Corporation (IFC), Panos Labrapolous, said today that one of the problems of Armenia’s banking system is the strong concentration of the property. He cited the data of the poll conducted among 15 Armenian banks, according to which only 2 of them have over 20 stock holders. The poll showed also that 2 banks out of 15 are going to place their stocks on the stock market shortly. Panos Markopoulos said that at this stage of development of the banking system it is a good figure, but we “shouldn’t linger on that..