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Only 2 Of 15 Banks Expressed Wish To Become Open Joint Stock Compani

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  • Only 2 Of 15 Banks Expressed Wish To Become Open Joint Stock Compani

    ONLY 2 OF 15 BANKS EXPRESSED WISH TO BECOME OPEN JOINT STOCK COMPANIES

    AZG Armenian Daily
    25/05/2006

    "Corporate Management of Banking Sector in Armenia" seminar opened
    in Yerevan, yesterday. The seminar is organized by the International
    Financial Corporation, by RA Central Bank and by the Government
    of Netherlands.

    Vache Gabrielian, member of RA Central Bank's Board, told journalists
    that they haven't defined the deadline for the bank's transfer to the
    corporate management system. Only several points of the relevant law
    will come to force from July 1, 2006. He stated that the corporate
    management system will make the banking activities more effective and
    transparent. He said that the main problem of the Armenian banking
    sector is the lack of qualified specialists. "I hope that we will
    settle this issue with the time," he said, not excluding that the
    representatives of the Armenian Diaspora may be involved in the
    banking activities.

    There is a great centralization of property in Armenian banks, said IFC
    expert Panos Labrapolus presenting the results of a study. He noted
    that 15 banks of overall 21 Armenian banks took part in the study
    and that the results are based on the answers that the banks gave to
    IFC questions. Only 2 of the 15 banks expressed wish to become open
    joint stock companies.

    Patrick Luternauer, IFC expert, said that the most urgent issue for
    the Armenian banks in to secure access and transparency of information
    about them. He also emphasized the importance of the work of the
    Board of Directors that deals with the settlement of primary issues.

    At the same time, he said that it's good that the Armenian banks
    are read to make amendments to their systems and apply corporate
    management. It's worth mentioning that the International Financial
    Corporation is the investment branch of the World Bank. Its goal is
    to make investments in the private sector companies of the countries
    in the transition period. Armenia became IFC member in 1995.
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