Tuesday, October 11 2016 15:22
Alina Hovhannisyan

Converse Bank sponsors of EBRD TFP Trade Finance Forum

Converse Bank sponsors of EBRD TFP Trade Finance Forum

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.

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