ARMAVIR BRANCH OF CONVERSE BANK RE-OPENS IN ARMAVIR MARZ

Noyan Tapan

Se p 29, 2008

YEREVAN, SEPTEMBER 29, NOYAN TAPAN. Armavir branch of Converse Bank
CJSC re-opened in Armavir marz (province) on September 29. The bank’s
shareholders – the famous Argentinean Armenian businessman Eduardo
Eurnekian and the governor of Armavir marz Ashot Ghahramanian were
present at the re-opening ceremony.

In the words of Converse Bank’s CEO Ararat Ghukasian, after
being reconstructed in a modern style, Armavir branch will render
comprehensive banking services to local residents. He attached special
importance to provision of agricultural loans. According to him,
the bank pays great attention to the development of agriculture,
and with this aim a large-scale program on agricultural financing is
being done in all Armenian marzes, under which farmers receive loans
at low interest rates.

A. Ghukasian said that Converse Bank cooperates with the World
Bank by implementing a project on economic development of rural
areas. In particular, under the Millennium Challenge Corporation’s
Water-To-Market Activity, loans of a total of 500 thousand dollars
were given to farmers. A. Ghukasian stated that the project will have
continuous character.

In response to reporters’ question, A. Ghukasian said that the current
developments in international markets, particularly in the U.S,
Europe and Russia will hardly have an impact on Armenia’s banking
system. In his words, the consequences will be felt in Armenia later,
but "no sudden blow" to the country’s economy and banking system is
expected because Armenia-based banks do not use securities, due to
which the international financial market is in today’s situation.