Wednesday, December 28 2016 14:36
Karine 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. 

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