Tuesday, October 4 2016 15:03
Alina Hovhannisyan

Converse Bank has replenished its authorized capital by 7 bln drams ensuring 28 bln drams of normative total capital

Converse Bank has replenished its authorized capital by 7 bln drams  ensuring 28 bln drams of normative total capital

ArmInfo. Converse Bank has  replenished its authorized capital by 7 bln drams on the first stage  ensuring normative total capital on the level of 28 bln drams.  Majority shareholder Advanced Global Investments LLC has paid in 6.6  bln drams, while the remaining 0.4 bln drams were ensured by Mother  See of Holy Etchmiadzin Cathedral, the press-service of the bank has  told ArmInfo. The authorized capital has been replenished via direct  investments and the shares in the capital remained the same: Advanced  Global Investments LLC - 95% and Echmiadzin Cathedral- 5%.

According to the source these funds will give Converse Bank the  opportunity to implement prospective and ambitious programs envisaged  by the development strategy. The Bank plans to expand provided range  of services, increase and further diversify loan portfolio, introduce  modern and timely bank technologies and products. 

Along with gradual replenishment and strengthening of capital the  Bank revises corporate management system in line with international  standards. New approaches within the long-term development strategy  have been developed, according to which an Investment Programs  Commission has been established by the initiative of famous  Argentinean businessman of Armenian descent Eduardo Eurnekian (head  of Advanced Global Investments LLC). The Commission is authorized to  study investment opportunities in various sectors of Armenia's  economy to assess investment attractiveness and feasibility of  projects. High-qualified specialists are involved in the Commission's  work. The Commission's activities will help to activate assistance to  such sectors as agriculture, mining industry, high technologies, and  renewable energy, to strengthen financial support to local exporters  and implement efficient programs ensuring ecological safety.  These  programs are subject to further long term financing by the bank and  are aimed at attracting investments from Diaspora. 

To note, 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 total capital totaled 21.9 billion drams ($46  million), authorized capital-7.1 bln drams ($14.8 mln), assets -  150.8bln drams ($316.4mln), loans - 94bln drams ($197mln, 42% of  which loans in economy), liabilities - 129bln drams ($270.6mln). 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.  To recall, Eduardo Eurnekian has  established Eurnekian group, which includes all the information  centers owned by Eurnekian as well as textile production located in  four regions of Argentina and supplied to the USA, Europe, and Asia.  Besides, he owns "America TV", 4 radio stations and "El Cronista",  Argentinean financial newspaper. In energy sector Ernekian Group has  built 2 modern plants of biodiesel fuel in Argentina. The Group was  given permission to explore and develop petroleum and gas fields in  the south of Argentina.  Eurnekian also owns "Aeropuertos Argentina",  operator of 32 Argentinean airports and airports in Uruguay, Ecuador  and other countries of South America. The businessman is also  shareholder of a number of large Argentinean companies. Eurnekian is  the owner of American International Airports, concessionary operator  of Zvartnots Yerevan Airport. Eurnekian implements a number of large  projects in Armenia in the field of agriculture, wine growing, he has  founded Unite Blue company producing microchips. Eurnekian holds  810th position in the Forbes ranking with a capital amounted to $2.2  bln.

POST A COMMENT
Input digits     


News
Government discusses investment program for construction of  new bus  station in Yerevan Government discusses investment program for construction of  new bus  station in Yerevan 
IMF will continue to support development of Armenian economyIMF will continue to support development of Armenian economy
Net inflow of remittances to Armenia continues to grow at very high  pace due to remittances from RussiaNet inflow of remittances to Armenia continues to grow at very high  pace due to remittances from Russia
Yerevan hosts 16th meeting of Armenian-Belarusian Intergovernmental  CommissionYerevan hosts 16th meeting of Armenian-Belarusian Intergovernmental  Commission
Armenia Securities Exchange, Central Depository of Armenia completed  ISO 27001 and ISO 9001 recertificationArmenia Securities Exchange, Central Depository of Armenia completed  ISO 27001 and ISO 9001 recertification
CBA significantly improves its forecast for projected export and  import growth in 2022 to 28-24%, from 5.1-8.3% previouslyCBA significantly improves its forecast for projected export and  import growth in 2022 to 28-24%, from 5.1-8.3% previously
The share of exports, imports and transfers in Armenia`s GDP in 2023  will decrease compared to 2022:  Macroeconomic project of state  budgetThe share of exports, imports and transfers in Armenia`s GDP in 2023  will decrease compared to 2022:  Macroeconomic project of state  budget
13th regional exhibition PANARMENIAN EXPO 2022 opened in Yerevan13th regional exhibition PANARMENIAN EXPO 2022 opened in Yerevan
IFC’s New Loan to Evocabank to Help Smaller Businesses Grow and Create Jobs in ArmeniaIFC’s New Loan to Evocabank to Help Smaller Businesses Grow and Create Jobs in Armenia
SRC chairman, IMF representatives discuss issues of ensuring access  to bank information for tax authorities informationSRC chairman, IMF representatives discuss issues of ensuring access  to bank information for tax authorities information
High-voltage power line to Iran damaged due to Azerbaijani shelling:  MinisterHigh-voltage power line to Iran damaged due to Azerbaijani shelling:  Minister
Governor: Due to the enemy`s actions, the Sotk gold mine is operated at 40 percentGovernor: Due to the enemy`s actions, the Sotk gold mine is operated at 40 percent
CBA further improves its forecast of unemployment rate: It is  expected to decrease to 14.1% in 2022CBA further improves its forecast of unemployment rate: It is  expected to decrease to 14.1% in 2022
FLYONE ARMENIA to start operating Yerevan-Milan-Yerevan flightsFLYONE ARMENIA to start operating Yerevan-Milan-Yerevan flights
Armenian tax authorities exceeded program tax collection target by  about $180 millionArmenian tax authorities exceeded program tax collection target by  about $180 million
Armenia to significantly increase capex for infrastructure projects  in 2023Armenia to significantly increase capex for infrastructure projects  in 2023
Yerevan becomes one of most popular destinations for Red Wings  passengersYerevan becomes one of most popular destinations for Red Wings  passengers
In 2023, government debt will be reduced to 50% of GDP, from expected  53% by the end of 2022: Draft state budget of ArmeniaIn 2023, government debt will be reduced to 50% of GDP, from expected  53% by the end of 2022: Draft state budget of Armenia
11%-12% GDP growth expected in Armenia in 202211%-12% GDP growth expected in Armenia in 2022
Yerevan Municipality, Asian Development Bank discuss new areas of  cooperationYerevan Municipality, Asian Development Bank discuss new areas of  cooperation
Tenders for construction of Kajaran-Agarak section of North-South  project to be invited Tenders for construction of Kajaran-Agarak section of North-South  project to be invited 
Armenian government discuss draft budget for 2023Armenian government discuss draft budget for 2023
With its new forecast for 2022, CBA further reduces decline in net  inflow of transfers from previous 13% to 7%With its new forecast for 2022, CBA further reduces decline in net  inflow of transfers from previous 13% to 7%
CB new forecast for 2022-2023: Armenian GDP growth will slow down  from 12.9% to 4.4%, and inflation will decrease from 10.3% to the  target 4%CB new forecast for 2022-2023: Armenian GDP growth will slow down  from 12.9% to 4.4%, and inflation will decrease from 10.3% to the  target 4%
The first snail breeding farm was established in ArmeniaThe first snail breeding farm was established in Armenia
EBRD improves its 2022 GDP growth forecast for Armenia from previous  4.5% to updated 8%EBRD improves its 2022 GDP growth forecast for Armenia from previous  4.5% to updated 8%
Armenian authorities` intention to construct a new, 1,200 MW, nuclear  power unit is erroneous- expertArmenian authorities` intention to construct a new, 1,200 MW, nuclear  power unit is erroneous- expert
Wizz Air starts operating Rome-Yerevan-Rome flightsWizz Air starts operating Rome-Yerevan-Rome flights
3rd session of Geographical Indications sub-committee under CEPA  between Armenia and EU took place3rd session of Geographical Indications sub-committee under CEPA  between Armenia and EU took place
Armenia`s GDP growth to be double-digit in 2022 - EconomistArmenia`s GDP growth to be double-digit in 2022 - Economist
 USD 25 million to support the private sector USD 25 million to support the private sector
Armenia`s economic activity increased by 13.9% in 8 months of 2022Armenia`s economic activity increased by 13.9% in 8 months of 2022
Armenia-Italy Textile Alliance Forum started in MilanArmenia-Italy Textile Alliance Forum started in Milan
Dmitry Volvach: Trading volumes of the ruble-dram currency pair  increased more than 1000-fold on the Moscow ExchangeDmitry Volvach: Trading volumes of the ruble-dram currency pair  increased more than 1000-fold on the Moscow Exchange
Armenia`s minister of economy hosts WB Country Manager for ArmeniaArmenia`s minister of economy hosts WB Country Manager for Armenia
EBRD launches climate governance platform for business leaders in  Ukraine, Georgia and ArmeniaEBRD launches climate governance platform for business leaders in  Ukraine, Georgia and Armenia
Another step in promoting the Armenian-Russian decentralized  cooperation: Pashinyan`s address to participants of Armenian-Russian Interregional Forum Another step in promoting the Armenian-Russian decentralized  cooperation: Pashinyan`s address to participants of Armenian-Russian Interregional Forum 
Iran Khodro Company starts supplying cars to ArmeniaIran Khodro Company starts supplying cars to Armenia
Armenia, China are considering  possibility of organizing direct  flights between  countriesArmenia, China are considering  possibility of organizing direct  flights between  countries
Expert: With the stabilization of the military-political situation,  the exchange rate in Armenia will also stabilizeExpert: With the stabilization of the military-political situation,  the exchange rate in Armenia will also stabilize
Gradual softening of the global inflationary environment will weaken  the inflationary impact from the external sector on the Armenian  economyGradual softening of the global inflationary environment will weaken  the inflationary impact from the external sector on the Armenian  economy
CBA significantly improves its forecast for GDP growth for 2022 to  12.9%, but expects inflation at 10.3%CBA significantly improves its forecast for GDP growth for 2022 to  12.9%, but expects inflation at 10.3%
Central Bank of Armenia raised refinancing rate from 9.5% to 10%Central Bank of Armenia raised refinancing rate from 9.5% to 10%
TOTAL opens training center in Etchmiadzin for training specialistsTOTAL opens training center in Etchmiadzin for training specialists
WB stands ready to continue to assist Armenian government in  implementation of priority programsWB stands ready to continue to assist Armenian government in  implementation of priority programs
Armenia`s producers to get 1% tax reduction for recalling spoiled  productsArmenia`s producers to get 1% tax reduction for recalling spoiled  products
FLY ONE Armenia transported over 200.000 passengers in its first year  in marketFLY ONE Armenia transported over 200.000 passengers in its first year  in market
Armenia`s minister of economy visits ski resort construction project  in Aragatsotn Armenia`s minister of economy visits ski resort construction project  in Aragatsotn 
Pashinyan instructs to find new investors for mines that are  currently not being developedPashinyan instructs to find new investors for mines that are  currently not being developed
AMD 4.676.836 to the “Rehabilitation City of Heroes” psychological center: the next beneficiary of “The Power of One Dram” is the 4090 FoundationAMD 4.676.836 to the “Rehabilitation City of Heroes” psychological center: the next beneficiary of “The Power of One Dram” is the 4090 Foundation
ACBA Bank fourth bank to join government-sponsored 10% cashback  programme for pensioners and reliefersACBA Bank fourth bank to join government-sponsored 10% cashback  programme for pensioners and reliefers
Presentation of Jobbit instrument held in Yerevan Presentation of Jobbit instrument held in Yerevan 
New power unit under construction at Kursk NPP could be serve as  standard for Armenia - ministerNew power unit under construction at Kursk NPP could be serve as  standard for Armenia - minister
Diaspora factor in Armenia`s investment portfolio is decliningDiaspora factor in Armenia`s investment portfolio is declining
Foreign investors present existing problems to Deputy Prime Minister  of ArmeniaForeign investors present existing problems to Deputy Prime Minister  of Armenia
Araratbank to put up for sale another tranche of dollar bonds worth  $3 million on September 8Araratbank to put up for sale another tranche of dollar bonds worth  $3 million on September 8
Ameriabank starts initial placement of another tranche of USD bonds  in amount of $10 millionAmeriabank starts initial placement of another tranche of USD bonds  in amount of $10 million
Pashinyan hopes that Moscow will regard relocation of Russians as  movement within EAEU: Putin sees nothing wrong with thisPashinyan hopes that Moscow will regard relocation of Russians as  movement within EAEU: Putin sees nothing wrong with this
Armenia`s premier on secondary western sanctions over intensified  contacts with Russia Armenia`s premier on secondary western sanctions over intensified  contacts with Russia 
Armenia is very concerned with unblocking transport links with  Azerbaijan Armenia is very concerned with unblocking transport links with  Azerbaijan 
Read more


Exchange rates
30.09.2022
RUB7.570.45
USD405.65-0.28
EUR396.081.84
GBP448.939.35
CAD295.90-0.77
JPY28.080.02
CNY57.140.05
CHF414.06-0.75