Tuesday, October 4 2016 15:03

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.