Tuesday, August 14 2012 19:20
Converse Bank launches a new branch in Global Motors showroom
ArmInfo. Converse Bank has launched a new branch with a restricted spectrum of services in the Global Motors showroom (in Arinj village, Kotayk region), the press service of the Bank told ArmInfo.
According to the source, the Bank made the decision to open the branch in the Global Motors showroom according to the corporate slogan "Bank for All". The main directions of the branch's activity are the payment and settlement service of the customers and their accounts, money transfers without opening an account, currency operations and provision of information on the terms of provision of car loans. Located in the LADA automobile trade center, the branch will also serve the customers of OPEL and HYUNDAI showrooms.
"While the provision of car loans was almost frozen throughout the banking system during the crisis period, the Bank did not stop providing car loans, moreover, new agreements were signed with car traders and a branch was opened to serve the traders of Ladas (Russia), Opels (Germany) and Hyundais (Korea). The Bank keeps on working in both the primary and the secondary market of car loans. We have worked out a new system of lending by installments, which radically differs from traditional lending by its philosophy and technologies. We have borrowed the new scheme from abroad. Certainly, we have added our Armenian mentality and our realities to the system. The lending for acquisition of goods by installments is actually one of the hazardous banking spheres today, but we think that we have assessed it correctly", Chairman of Board of Converse Bank Tigran Davtyan said earlier in his interview with ArmInfo.
According to the Ranking of Armenian Bank prepared by ArmInfo, credit exposures of Converse Bank totaled 60.4 billion drams as of July 1 2012. with a 12.5% growth for Q2 and 11.7% growth for the first half of 2012. Total capital of the bank grew 4.1% for the first half and 3.4% for Q2 alone to 17.2 bln drams as of late June. Assets totaled 95.4 bln drams, with a 7.7% growth of Q2 and 30.7% decline for the first half of 2012.
Converse Bank CJSC is a member of Eurnekian Group. Armenian businessmen, citizen of Argentina, Eduardo Eurnekian is a shareholder of the group. Advanced Global investments LLC (belonging to Eduardo Eurnekian) holds a 95% stake in Converse Bank, the remaining 5% belong to the Mother See of Holy Etchmiadzin Cathedral of the Armenian Apostolic Church.
Active consumer lending causes double-digit growth in bad loans 
Luys Foundation: Armenian government continues to face challenges in budget planning
Armenia`s brandy and winemaking industry in crisis - economist 
Even at embryonic stage, powerful impetus given to economic activity in energy sector - ENA acting manager 
Armenian NA OKs ENA nationalization 
China preparing to open new chapter of One Belt, One Road initiative with involvement of Armenia - diplomat 
The Merger between "Ardshinbank" CJSC and "Ardshininvestbank" CJSC Has Been Completed
Ticket packets 1.2% of total number of transport tickets in Yerevan