EBRD TO PROVIDE ARMENIAN CONVERSEBANK WITH $10MLN LINE OF CREDIT
ARKA
Nov 21, 2008
YEREVAN, November 21. /ARKA/. The European Bank for Reconstruction
and Development (EBRD) will provide Armenian Conversebank with line
of credit to the amount of $10mln.
According to the bank’s press-service, Conversebank and EBRD will
sign the corresponding agreement this November 25.
The Conversebank CJSC was incorporated in Armenia on December 20, 1993.
Eduardo Ernekyan, an Argentina-based Armenian businessman purchased
the bank’s 95% shares last February. The bank has 25 branches, with
eight of them being in Yerevan.
The bank’s assets reached 66.8bln AMD this September 30, total capital
12.8bln AMD, liabilities 53.9bln AMD.
Conversebank is the sixth in terms of assets, crediting, liabilities,
capital, the third in terms of total deposits from individuals and
legal entities and the fifth in terms of profits.
Armenia joined EBRD on December 7, 1992 with â~B¬10mln of share.
EBRD currently takes part in the capital of four Armenian banks,
namely Byblos Bank Armenia CJSC, Armeconombank OSJC, ProCredit CJSC
and Araratbank OJSC.
EBRD is one of Armenia’s largest investors and placed â~B¬202mln
through realization of 52 programs.
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