Tuesday, June 8 2010 15:18

ArmInfo. Converse Bank is expected to increase the portfolio of loans to SME 20%-25% to US$20 million till the end of 2010, Tigran Davtyan, Converse Bank Executive Director told ArmInfo.

He believes that in the period of crisis it is reasonable providing not big loans. Loans to SME and personal loans will prevail over others in the bank's lending portfolio, he said. T. Davtyan said that the bank is expected to increase retail lending 20%-30% to $70 million till the end of the year. The bank has quite diversified sources of financing, including the WB, German KfW, Millennium Challenge Armenia Fund, IFAD, RESCAD and others. The bank is also involved in mortgage programs. In addition, he said, the bank is cooperating with two international organizations for new credit lines.

Ranking of Armenian Commercial Banks prepared by the Agency of Rating Marketing Information (ArmInfo) says the share of the lending portfolio in the assets of Converse Bank as of April 1 2010 totaled 61% of 48.8 billion drams (US$12 million - 7th rank). Converse Bank's shareholders are Advanced Global Investments Company managed by Eduardo Eurnekian, the Argentinean businessman (95%), and Mother See of the Holy Etchmiadzin (5%). The bank was founded in 1993.