All Armenian Bank will sponsor all-Armenian programs, according to the President of the Central Bank of Armenia (CBA) Artur Javadyan.

CBA President invited Diaspora financiers and businessmen to contribute to the bank’s formation. “Preliminary authorized capital of the bank is set at USD 100 million, with Armenia having invested USD 20 million. With time, the bank’s capital will be fully consisting of that invested by private companies. Negotiations on the issue are currently in progress,” Javadyan said.

As CBA President reported, the president of All Armenian Bank will be appointed within the next few days, with the business plan to be developed by international experts.

The bank’s activities will aim at development of tourism, healthcare, financial and educational sectors. All Armenian Bank is expected to be operating in the beginning of next year.