CONVERSE BANK RECOGNIZED BEST ARMENIAN BANK FOR SECOND CONSECUTIVE YEAR

Armenpress
Sept 22, 2005

YEREVAN, SEPTEMBER 22, ARMENPRESS: Experts of Financial Times
Corporation ranked Armenian Converse Bank as the best bank of Armenia
for the second consecutive year for quick introduction of state-of-the
art banking technology and raising the level of clientele services.

Converse Bank executive manager Smbat Nasibian said the prize will
be awarded on September 27 at an event organized by Global Finances
magazine.

He said the award will further raise the bank’s standing at home
and abroad.

He also said the American Express bank has approved a $1 million
credit limit for Converse Bank, ‘and though this is not a big sum
the fact itself says a lot.”

Nasibian said his bank also received the right to service VISA
chip cards. Converse Bank has opened this year three more branches,
raising them to 16.