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"Converse Bank" CJSC signed an international financing agreement with ADB.

14.04.2011

"Converse Bank" CJSC signed an international financing agreement with Asian Development Bank on April 14, 2011.

The current agreement envisages provision of bank guarantees and letters of credit to "Converse Bank" CJSC customers for promotion of international trade.

"The conclusion of the agreement is also one step to improvement of conditions for provision of letters of credit, which enables importers to reduce expenses", mentioned Tigran Davtyan, Executive Director of "Converse Bank" CJSC. He emphasized that many importers ignore such non-risky product, like letters of credit, and prefer "either importing the product and after paying, or paying the prepayment and entering risk zone , which is even worse.

"Our objective is also to explain our customers the existence of such non-risky products, like letters of credit" mentioned Mr. Davtyan

It must be mentioned, that ADB, apart from "Converse Bank" CJSC, signed such agreement with 5 other trade banks as well. By the current agreement of trade financing about USD 17 mln., credit lines will be opened for banks for trade financing. In the scope of ADB program on trade financing, bank guarantees and loans are envisaged in countries cooperating with ADB for promotion of international trade.

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