ARMENIAN "CONVSERSE BANK" FIRST IN TRANSCAUCASIA IN ISSUING CONSUMER CREDIT CARDS VISA MINI

ARKA
18/09/2007 20:20

Armenian "Converse Bank" is the first in Transcaucasia in issuing
consumer credit cards VISA MINI, said Head of Plastic Cards Department
of "Converse Bank" Benjamin Tadevosyan.

"Armenian ‘Converse Bank’ is the first in the region in issuing VISA
MINI cards: now these cards are issued by Bank of America and Russian
Master Bank. These cards are rather convenient in circulation –
their sizes are smaller by 40% than those of plastic cards," he said.

Tadevosyan informed that these cards are first of all intended for
commercial deals and will contribute to the establishment of the
system if cashless payments.

"VISA MINI cards will replace consumer crediting because clients will
not need any more to turn to bank for getting consumer credit. Minimal
credit by this card is 25,000 AMD, and maximal sum is 2.5mln AMD,"
Tadevosyan said.

He said that annual volume of payments for serving these cards equals
to 2,000 AMD, and credit means by VISA MINI should be used within
three months, after which the card is blocked.

Annual interest rate by VISA MINI is 24%. In fact, the card is intended
for trading points, no ATM accepts it.

"Converse Bank" is registered on December 20, 1993. Argentinean
businessman of Armenian origin Eduardo Ernekyan has been its owner
since this February. The bank has 17 branches.

As of June 30, 2007, the assets of the Banks were 43.6 billions AMD,
total capital – 10.2bln AMD, net income for January-June – 563.2mln
AMD, and balance sheet profit – 6.2bln AMD. The Bank’s portfolio
of consumer crediting is 3.6bln AMD, 863.3mln AMD out of which –
for auto loan. ($1 – AMD 341.02).