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Press Conference Devoted to the Annual Activities of "Converse Bank" CJSC and Placement of First Tranche Bonds

26.12.2008

Converse Bank CJSC Executive Director Ararat Ghukasyan, Deputy Executive Director Tigran Davtyan and Chief Accountant Arshak Karakhanyan held a press conference on December 26, 2008. Mr. Ararat Ghukasyan reported the results of "Converse Bank" CJSC activities performed during the year of 2008.

"Converse Bank" CJSC adopted a policy of providing universal, available and modern services and consequently has enhanced its branches and ATMs network, reaching to 25 and 41, correspondingly. 4 branches were completely reconstructed and modernized.

During the year the volume of loan investments increased by 36%, from which:

  • In line with small and medium scale enterprises - 17%
  • In line with consumer loans - 22%
  • In line with mortgage loans - 80%

The volume of agricultural loans passed AMD one billion, increasing by 130%.

Capital investment in the amount of AMD 506 million was made during the year.

In November the Bank signed a Loan Agreement with the European Bank for Reconstruction and Development /EBRD/ on a lending program of USD 10 million. The loans will be fully directed to the development of small and medium scale business.

For the first time in 2008 the Bank issued its nominal, medium term coupon bonds in the value of AMD 1.500.000.000 /one billion five hundred million/. It is worth mentioning that as program and three-year maturity term bonds, "Converse Bank" CJSC bonds are leaders in the RA banking system.

The first tranche of bonds were placed in December, much earlier than was scheduled /placement launched on December 16, 2008 to be placed within 30 days/. But as at December 26 the bonds were already placed with a total amount of AMD 300 million.

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