Tuesday, October 4 2016 13:51
Alina Hovhannisyan

Converse Bank significantly improves terms for Student Loans

Converse Bank significantly improves terms for Student Loans

ArmInfo. Converse Bank has improved the terms for its student loans "My Future" and "Express." According to the Bank's press-office, the student loan "My Future" (https://www.conversebank.am/hy/im-apagan/) offers financing for the entire period of education. The maximum amount of the loan is 4 million drams, with a 4 year-maturity. The amount is transferred to the account of the student's educational establishment in two stages - once in 6 months.

The renovated terms of student loan "Express" are as follows: the loan size is up to 1 million drams, at the annual interest of 17%-19%, and up to 18-month maturity.

Converse Bank keeps providing loans under the state educational loan program. Borrowers of the Student Loans and Express Student Loans will obtain one VISA ISIC debit card /AMD or USD or EURO/ during the maturity period of the loan, the annual service fee for the account will be 0 for the next 24 months.  The card will given an opportunity to join the world student network in Armenia, use preferential terms at more than 40,000 organizations, including museums, theaters, trade houses, travel agencies in 130 countries.  In addition, the cardholders will get an opportunity to use on preferential terms the services of educational establishments and participate in the European volunteer projects organized by the European Commission.

CJSC Converse Bank was founded in 1993. The shareholders are Advanced Global Investments LLC (Eduardo Eurnekian) - 95% and Mother See of Holy Etchmiadzin Cathedral - 5%. The Bank serves 34 branches, including 13 in Yerevan, 20 in the regions and 1 in NKR.  As of July 1 2016. Converse Bank's assets totaled 22 billion drams ($46 million), assets - 150.8bln drams ($316.4mln), loans - 94bln drams ($197mln), liabilities - 129bln drams ($270.6mln). The personal loans accounted for more than 52% or 49bln drams of Converse Bank's loan portfolio. The bank is among top 10 banks in Armenia by this indicator.  Consumer loans accounted for 59% of total personal loans. By the volume of consumer loans the bank is among to 10 banks too. In the first half of 2016, the bank increased its net profits by 29.4% to 978.6mln drams or $2.1mln. In Q2 alone, the bank's profits increased nearly 6-fold. Incomes of the bank from lending have reached nearly 6 bln drams accounting for 71% of total incomes and 87% of interest incomes.


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Government Bonds

Issue volume

10 billion

Volume of T-bills for placement

200 million

Volume of submitted competitive applications

200 million

Volume of satisfied bids

200 million

Yield at cut-off price

 5.8314%

Maximum yield

 5.8314%

Мinimum yield

 5.8314%

Weighted average yield

 5.8314%

Number of participants

2

The maturity date of T-bills

03.02.2020

ArmEx

 

СПРОС (Покупка)

USD

Средневзв. Цена

482,00

ПРЕДЛОЖЕНИЕ (Продажа)

  USD

Средневзв. Цена

-

СДЕЛКИ

USD

Цена откр.

482,00

Цена закр.

482,00

Мин. Цена

482,00

Макс. Цена

482,00

Ср/взв. Цена

482,00

-0.16

Кол-во сделок

1

Объем (инвал.)

200 000

0бъем (драм)

96 400 000