Converse Bank to overcome difficulties expected in 2009

YEREVAN, DECEMBER 26, NOYAN TAPAN. The forecasts of experts that the
Armenian banks will have difficulties with repayment of credits in the
spring of 2009 are conditioned by the possible impact of the global
economic crisis on Armenia in the first quarter of next year, the CEO
of Converse Bank Ararat Ghukasian said at the December 26 press
conference.

In his words, Converse Bank has enough resources so as not to call its
operation into question in case of any problems related to repayment of
credits.

A. Ghukasian said that so far he sees "no serious precondition for some
deterioration in March". He linked the bank’s development in 2009 to an
increase in the range and volume of its services and an expansion of
the network of its branches. "In my opinion, next year will be a
difficult one but at the same time, it will be possible to expand,
there is much to be done in 2009. We are well disposed," he noted,
explaining that the possible difficulties will be related to the impact
of the global economic crisis on Armenia but these difficulties will be
surmountable.

In response to the question about whether there is an outflow of
deposits at Converse Bank, he replied that the amount of deposits with
the bank has grown, there has also been an increase of money on the
accounts of legal entities, the only change is a decline in the terms
of deposits. According to A. Ghuksian, mortgage crediting has not
decreased at the bank either. He explained the decline in consumer
crediting, in particular, mortgage crediting in the past two-three
months by the expectations related to a fall in real estate and
commodity prices.

From: Emil Lazarian | Ararat NewsPress