ARMENIAN CONVERSEBANK TO PROLONG TERMS OF MORTGAGE CREDITS
ARKA News Agency, Armenia
March 14 2006
YEREVAN, March 14. /ARKA/. The Armenian “Conversebank” has announced
the prolongation of terms of mortgage credits up to 10 years.
Formerly the bank issued mortgage credits for a period of up to
seven years. However, the annual interest rate on credits has not
been changed, 13%. The prepayment ranges from 30 to 40 per cent of
the cost of real estate depending on its location in Yerevan.
The “Conversebank” CJSC was incorporated on December 20, 1993. By
December 31, 2005, the bank’s assets had amounted to AMD 41.7bln, total
capital AMD 9bln, net profit AMD 1.7bln, and balance profit AMD 4.3bln.
The crediting of economy makes AMD 16.2bln, the share of consumer
credits being AMD 3.8bln.