CHAIRMAN OF CONVERSEBANK BOARD OF DIRECTORS ARARAT GHUKASYAN RESIGNS

ARKA
Aug 4, 2009

YEREVAN, August 4. /ARKA/. Chairman of Board of Directors and Executive
Director of Conversebank closed joint stock company Ararat Ghukasyan
resigned.

The Press Service of Conversebank cjsc confirmed this information. No
official reasons have been reported for the resignation.

Deputy Executive Director and Head of Financial Markets Department
of the bank Tigran Davtyan is currently the acting Executive Director
of the bank.

"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.

Armenian Apostolic Church owns the remaining 5%.

Conversebank has 25 branches, including ten branches in Yerevan.