On September 7, Armenian President Serzh Sargsyan attended the opening ceremony of Panarmenian Bank.

As the Board Director and bank CEO Vahram Nersisyants stated, the Bank’s activity will be aimed at attraction of foreign investments and further financing of competitive manufacturers in Armenia. “The main goal of Panarmenian Bank is promotion of economic growth through boosting export of products and services,” Nersisyants said.

Panarmenian Bank won’t be competing with the country’s commercial banks, taking no deposits and offering no credits. However, the Bank plans cooperation with commercial banks, who may further offer financing packages to local enterprises.

The activity the Bank will be regulated by the Central Bank of Armenia in accordance with relevant legislation, presidential press service reported.