ARMENIAN CONVERSEBANK RECOGNIZED 2008 BEST BANK ON CURRENCY EXCHANGE BY "GLOBAL FINANCE"

ARKA
Oct 27, 2008

YEREVAN, October 27. /ARKA/. Global Finance magazine has awarded
Conversebank of Armenia as one of the 2008 best banks on currency
exchange.

Armenian banks have received this award for three successive years,
the Press Service of Conversebank reported.

The awarding ceremony was held in Washington on October 22 this year
during the annual conference of the International Monetary Fund (IMF)
and the World Bank (WB).

According to the report, it is the fifth time Conversebank is nominated
by the Global Finance as a best developing country bank in various
categories.

Every year the Global Finance carries out studies and selects its
nominees in various categories.

"Conversebank" Closed Joint Stock Company was registered on December
20 1993. Since February 2007 Argentinean businessman of Armenian
origin Eduardo Ernekian has been holding 95% of the bank’s shares.

Conversebank has 25 branches, including eight branches in Yerevan.

By the end of September 2008, the bank’s assets had totalled 66.8bln
Drams, total capital 12.8bln Drams, liabilities 53.9bln Drams.

According to ARKA Agency, Conversebank is the sixth among Armenian
banks in terms of assets, crediting volume, liabilities and
total capital at the end of the third quarter. The bank is the
third in terms of aggregate deposits and the fifth in terms of
profit. ($1=309.18Drams).

From: Emil Lazarian | Ararat NewsPress