ArmInfo. Converse Bank has not only participated in EBRD TFP Trade Finance Forum in Frankfurt-am-Main - Germany on 19-20 September 2016, but also came out as a sponsor of the event, Converse Bank's press-office told ArmInfo. The event brought together more than 180 participants who discussed the development of trade finance in the countries EBRD is presented in, amid instability on the financial markets. In addition, the participants discussed problems of money laundering and possibilities to create a single information platform against terrorism financing. The event discussed the influence of the new Silk Road on the development of trade finance.
The European Bank for Reconstruction and Development (EBRD) financed a record volume of projects in Armenia in 2015, providing strong support to the country's economy in a challenging economic environment that was affected by the regional crisis. EBRD has financed 14 projects with total investments reaching US$ 140 million for 2015, unprecedented level in the 24 years that the Bank has worked in Armenia, and a clear indication of both the investment opportunities in the country and strong demand for EBRD funding. Since the start of its operations in Armenia in 1992, the EBRD has invested over $1.13 billion in 148 projects in the country's financial, corporate, infrastructure and energy sectors, with 88 per cent of these investments being in the private sector. In trade finance, Armenia became an active user of the EBRD's Trade Facilitation Programme, with a total of US$ 48 million in support of local businesses.
According to ArmInfo's Financial Rating of Armenian Banks, as of July 1 2016, Converse Bank's assets totaled 150.8bln drams ($316.4mln), loans - 94bln drams ($197mln), liabilities - 129bln drams ($270.6mln). The corporate loans accounted for more than 42% of Converse Bank's loan portfolio. SME finance accounts for over 14% of total, trade finance - about 10%, industrial loans - 7%, construction loans - about 6% and agricultural ones - over 4% of total. 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. JSC 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.