CONVERSEBANK TOTAL CAPITAL REACHES 13BLN AMD IN TEN MONTHS

ARKA
Dec 11, 2008

YEREVAN, December 11. /ARKA/. The total capital of Armenian
Conversebank reached 13bln AMD on November 30, the bank’s deputy
executive director Tigran Davtyan told reporters on Thursday.

He said on that day the bank’s assets amounted to some 64.7bln AMD,
with liabilities being 51.7bln AMD and net profit 2.368bln AMD.

He noted the bank has some 100,000 customers with 35,000 of them
having accounts in the bank.

"Conversebank records a dynamic growth since 2003, specifically
the bank’s capital and assets tripled since then, total credits and
deposits increased 2-3 times and the credit portfolio quadrupled,"
said Davtyan.

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 other 5% is held by the
Armenian Apostolic Church.

The bank’s assets reached 63.9bln AMD this October 31, total capital
13bln AMD, liabilities 50.9bln AMD.

According to ARKA News Agency this Q3 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 in Jan-Oct.

Conversebank currently provides money transfer services by means of
Migom, Contact, Blizko, InterExpress, Leader, Allure and Zolotaya
Koro na payment systems.

Conversebank has 25 branches with eight of them being in Yerevan. ($1 –
308.50AMD).

From: Emil Lazarian | Ararat NewsPress