Wednesday, December 28 2016 14:36
Karina Melikyan

Converse Bank replenishes its total regulatory capital to 31.9 bln AMD

Converse Bank replenishes its total regulatory capital to 31.9 bln  AMD

ArmInfo. Converse Bank's  statutory capital has been replenished by AMD 2,429,400,000.  Currently, the total regulatory capital of the Bank amounts to AMD  31.9 billion, exceeding the minimum regulatory threshold, the press  office of the Bank has told ArmInfo.

As a result of closed placement  of the additionally issued shares, HayPost Trust Management B. V.  Company purchased 7,693 common shares and became participant in the  Bank's statutory capital with 14.06%. HayPost Trust Management B. V.  Company is a company of the group managed by Eduardo Eurnekian. To  maintain 5% proportion of participation by Mother See of Holy  Etchmiadzin in the Bank's statutory capital, the Church purchased 405  additionally issued shares.

It should be mentioned that this is the second stage of replenishment  of the Bank's total regulatory capital. In September, the Bank's  principal majority shareholder - "Advanced Global Investments",  increased the Bank's statutory capital by AMD 6.6 billion, and the  Armenian Apostolic Holy Church - by AMD 0.4 billion. 

Along with gradual replenishment and strengthening of capital, the  Bank revises the 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 at the initiative  of well-known 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 the investment attractiveness and  feasibility of projects. High-qualified specialists are involved in  the Commission's work. The Commission's activities will help activate  assistance to such sectors as agriculture, mining industry, high  technologies, and renewable energy, and will strengthen financial  support to local exporters and implement efficient programs ensuring  environmental 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. Following the  repeated replenishment in December, the shareholders are Advanced  Global Investments LLC (Eduardo Eurnekian)  - 80.94%, Mother See of  Holy Etchmiadzin - 5%, and HayPost Trust Management B.V. - 14.06%.  The Bank has 34 branches, including 13 in Yerevan, 20 in the  provinces and 1 in the NKR. As of 1 October 2016, the total capital  of Converse Bank was 30.2 bln AMD ($63.7 mln), total regulatory  capital - 28.2 bln AMD, statutory capital - 14.1 bln AMD ($29.6 mln),  assets - 173.7 bln AMD ($366.1 mln), lending - 107.8 bln AMD ($227.2  mln, 54% of which was lending to economy sectors), liabilities -  143.5 bln AMD ($302.4 mln). In Jan-Sept 2016, the Bank's net profit  amounted to 1.8 bln AMD or $3.7 mln (almost 3-fold growth versus  Jan-Sept 2015). 

To recall, Eduardo Eurnekian 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", an Argentinean financial newspaper. In  energy sector Eurnekian 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 a shareholder of  a number of large Argentinean companies. Eurnekian is the owner of  American International Airports, the concessionary operator of  Zvartnots Yerevan Airport. 

POST A COMMENT
Input digits     


News
In Armenian interbank foreign exchange market, dollar transactions decreased while ruble transactions increased from July 7-11, 2025In Armenian interbank foreign exchange market, dollar transactions decreased while ruble transactions increased from July 7-11, 2025
Seven organizations from Armenia to resume flower supplies to RussiaSeven organizations from Armenia to resume flower supplies to Russia
14,757 applications submitted under bad loan program 14,757 applications submitted under bad loan program 
Idram and Alipay+ Facilitate Cross-Border QR Payments in Armenia, Opening the Caucasus to Global Digital Wallet UsersIdram and Alipay+ Facilitate Cross-Border QR Payments in Armenia, Opening the Caucasus to Global Digital Wallet Users
Solid waste management program should be implemented throughout  Armenia - Vardan Kostanyan Solid waste management program should be implemented throughout  Armenia - Vardan Kostanyan 
Rossotrudnichestvo and South Caucasus Railways sign memorandum of  cooperationRossotrudnichestvo and South Caucasus Railways sign memorandum of  cooperation
Ardshinbank Participated in Tech Week Vanadzor 2025Ardshinbank Participated in Tech Week Vanadzor 2025
Armenia, WIPO discussed ways to enhance collaborationArmenia, WIPO discussed ways to enhance collaboration
Gevorg Papoyan: Effective protection of intellectual property is  crucial for sustainable economic growthGevorg Papoyan: Effective protection of intellectual property is  crucial for sustainable economic growth
Daily regulation reservoirs in Hovnanadzor to serve 9 villagesDaily regulation reservoirs in Hovnanadzor to serve 9 villages
Armenia`s government to develop cooperation with jewelry industry Armenia`s government to develop cooperation with jewelry industry 
ADB to provide Armenia with $3mln for school reconstruction in  Voskepat village ADB to provide Armenia with $3mln for school reconstruction in  Voskepat village 
Armenia`s government to direct huge funds to information and  cybersecurity Armenia`s government to direct huge funds to information and  cybersecurity 
Armenia top ratify EAEU agreement on Permissible Weights, Axle Loads and Dimensions of VehiclesArmenia top ratify EAEU agreement on Permissible Weights, Axle Loads and Dimensions of Vehicles
EIB to provide Armenia with EUR 50mln for Armenia - Resilient Syunik programme EIB to provide Armenia with EUR 50mln for Armenia - Resilient Syunik programme 
"Business Process Optimization with AI" – a Course for the Senior Management of AraratBank
IBRD to provide Armenia with EUR 96.4mln for implementation of Tourism and Regional Infrastructure Development programIBRD to provide Armenia with EUR 96.4mln for implementation of Tourism and Regional Infrastructure Development program
Armenia`s government to direct 1.189bln to co-financing of local communities development programmes Armenia`s government to direct 1.189bln to co-financing of local communities development programmes 
ANC condemns nationalization of ENA, violation of property rights ANC condemns nationalization of ENA, violation of property rights 
EAEU countries to start testing transportation digitalization in first half of 2026EAEU countries to start testing transportation digitalization in first half of 2026
Central Bank: RA Law Central Bank: RA Law "On Crypto Assets" entered into force in Armenia on July 4, 2025
Gohar Barseghyan:  EEC consistently promotes the enhancement of industrial cooperationGohar Barseghyan:  EEC consistently promotes the enhancement of industrial cooperation
Armenia`s foreign trade sees sharp decline after neutralization of diamond and gold re-export factorArmenia`s foreign trade sees sharp decline after neutralization of diamond and gold re-export factor
Every year, Lori region loses $40 million due to untapped tourism  potentialEvery year, Lori region loses $40 million due to untapped tourism  potential
We are going round in circles: Aram Kocharyan on  current IT  situation in ArmeniaWe are going round in circles: Aram Kocharyan on  current IT  situation in Armenia
Net direct foreign investments in Armenia`s economy up Net direct foreign investments in Armenia`s economy up 
RA president signs laws nationalizing ENA CJSCRA president signs laws nationalizing ENA CJSC
Responsible innovations instead of offshores - CB Responsible innovations instead of offshores - CB 
Armenia, Uruguay to increase bilateral trade turnover Armenia, Uruguay to increase bilateral trade turnover 
Armenian vice-premier takes part in EEC Council`s meeting Armenian vice-premier takes part in EEC Council`s meeting 
Yerevan to host Black Sea Trade and Development Bank`s Annual Meeting  Yerevan to host Black Sea Trade and Development Bank`s Annual Meeting  
Solid Municipal Waste Management project launched in HrazdanSolid Municipal Waste Management project launched in Hrazdan
Armenian IT sector`s output developed as compared with other regional states - expert Armenian IT sector`s output developed as compared with other regional states - expert 
Lawyer on `legal terror` surrounding ENA Lawyer on `legal terror` surrounding ENA 
AraratBank participated in the WEPs regional experience-sharing workshopAraratBank participated in the WEPs regional experience-sharing workshop
1,507 trucks with apricots leave for Russia since beginning of summer 1,507 trucks with apricots leave for Russia since beginning of summer 
TechWeek transforms Vanadzor into an innovation hubTechWeek transforms Vanadzor into an innovation hub
In Q1 2025, unemployment rate in Armenia decreased to 13.9%In Q1 2025, unemployment rate in Armenia decreased to 13.9%
Moody`s upgrades Converse Bank`s ratingsMoody`s upgrades Converse Bank`s ratings
Armenia`s industrial sector is experiencing a significant  declineArmenia`s industrial sector is experiencing a significant  decline
Power generation in Armenia increased by 3.6% in a yearPower generation in Armenia increased by 3.6% in a year
Armenia`s State Revenue Committee proposes postponing payment of  road, environmental taxes, entry duties Armenia`s State Revenue Committee proposes postponing payment of  road, environmental taxes, entry duties 
46 trucks with Armenian brandy enter Russia 46 trucks with Armenian brandy enter Russia 
Expert: Armenia has every chance to become a key regional  hub for  innovative solutionsExpert: Armenia has every chance to become a key regional  hub for  innovative solutions
IDBank issues the 3rd, 4th and 5th tranches of bonds of 2025IDBank issues the 3rd, 4th and 5th tranches of bonds of 2025
ARMSWISSBANK Launches Mastercard World – A New Premium CardARMSWISSBANK Launches Mastercard World – A New Premium Card
Ministry of Economy: Compared to 2018, job numbers in Armenia  increased by 33.9%Ministry of Economy: Compared to 2018, job numbers in Armenia  increased by 33.9%
Illegal mining in Armenia`s Syunik causes AMD 63mln damage to public Illegal mining in Armenia`s Syunik causes AMD 63mln damage to public 
Rospotrebnadzor requested additional information from competent  authorities in Armenia regarding the reason for the ban of Eskimo ice  cream Rospotrebnadzor requested additional information from competent  authorities in Armenia regarding the reason for the ban of Eskimo ice  cream 
Pashinyan discusses steps for establishing a major AI data center in  ArmeniaPashinyan discusses steps for establishing a major AI data center in  Armenia
In June,  Armenia`s annual inflation rate increased to 3.9%  driven  by higher prices for food  and servicesIn June,  Armenia`s annual inflation rate increased to 3.9%  driven  by higher prices for food  and services
Armenian products to enter Cyprus and US markets: CIBRS announces National Warehouse program strategyArmenian products to enter Cyprus and US markets: CIBRS announces National Warehouse program strategy
European Investment Bank remains Armenia`s key partner in  infrastructure projects - MinisterEuropean Investment Bank remains Armenia`s key partner in  infrastructure projects - Minister
Armenian Parliament gives  Armenian Parliament gives  "green light" to nationalization of ENA
Armenia`s dividends from ZCMC $113mln since 2022Armenia`s dividends from ZCMC $113mln since 2022
Ardshinbank summed up the raffle organized for Mastercard Business cardholdersArdshinbank summed up the raffle organized for Mastercard Business cardholders
Armenia extends ban on export of scrap metal until Feb. 1 2026 Armenia extends ban on export of scrap metal until Feb. 1 2026 
62 trucks with Armenian brandy cross Russian border 62 trucks with Armenian brandy cross Russian border 
Armenia to fix tariff quota on individual types of goods imported  from Iran Armenia to fix tariff quota on individual types of goods imported  from Iran 
Narek Karapetyan: Almost all infrastructure companies, except for  ENA, have increased their tariffs for servicesNarek Karapetyan: Almost all infrastructure companies, except for  ENA, have increased their tariffs for services
Read more
Exchange rates
11.07.2025
RUB4.930.00
USD383.910.17
EUR448.91-1.14
GBP519.24-2.57
CAD280.37-0.31
JPY26.15-0.11
CNY53.560.07
CHF482.48-0.58