Converse Bank will issue pawn loans on a pledge of gold on improved terms by November 30 - AMD 5 million at 13-14% per annum

ArmInfo. Converse Bank until November 30 this year will issue Lombard loans secured by gold on improved terms.  As ArmInfo was told in the press service of the Bank, during the period of the action it will be possible to take the amount of up to 130% of the assessed value, but not more than 5 million drams, for a period of up to 6 months at a rate of 13-14% per annum. Loans are provided both in drams and in foreign currency.

According to the source, the holding of this action is due to the high demand of the population for loans secured by gold.

"In the framework of this action, the Bank offers one of the best collateral / credit ratios on the market for such loans provided by financial institutions." Another advantage of improved conditions for Lombard loans is that Converse Bank charges maintenance fee not monthly but at a time at the moment issuing loans, thereby allowing repayment in fact at a low interest rate," the Bank said in a

statement.

According to the Financial Rating of the Armenian Banks as of July 1, 2017, prepared by ArmInfo, Converse Bank increased the volume of consumer loans by 31.5% in annual terms to 37.6 billion AMD, of which 11% or 4.1 billion AMD accounted for pawn loans. In the loan portfolio of the Bank, the share of consumer loans exceeds 26%, while Lombard loans make up about 3%. In the portfolio of the Bank's retail loans, the share of Lombard loans is 7%.

Converse Bank has been operating in the Armenian market since September 1996. The Bank's shareholders are Advanced Global Investments LLc (hand-Eduardo Ernekian) - 80.94%, HayPost Trust Management B.V. - 14.06%, the Cathedral of the Mother See of Etchmiadzin - 5%.