Wednesday, November 22 2017 16:34
Alina Hovhannisyan

Converse Bank from the beginning of 2017 till November 20 increased  portfolio of loans secured by gold by 14%

Converse Bank from the beginning of 2017 till November 20 increased  portfolio of loans secured by gold by 14%

ArmInfo. Converse Bank from the beginning of 2017 to November 20 increased its portfolio of loans secured by gold by 14% - to more than 15 billion AMD. As ArmInfo was explained in the press service of the Bank, the growth of this portfolio is due to several factors. First of all, the fact that the Bank offers one of the best conditions for lending in the market for this type of loans. In parallel with this, the Bank periodically comes up with new profitable offers for its customers.

According to the source, currently the Bank has a share of lombard loans, which offers dram or currency loans up to 130% of the estimated value of gold. The maximum loan size is set at 5 million AMD, the maximum maturity is 6 months, the annual interest rate varies between 13-14%, and additional monthly payments for services are not provided. The Bank explained that interest rates on a loan secured by gold are low, due to the fact that the service charge is levied at the same time when the loan is issued.

According to the Financial Rating of the Banks of Armenia on October 1, 2017, prepared by ArmInfo News Agency, Converse Bank increased the volume of consumer loans by 40.4% year-on-year to 39.6 billion AMD, of which lombard loans accounted for more than 13% or 5.2 billion AMD. In the total loan portfolio of the Bank, the share of consumer loans was 26.4%, and lombard loans - 3.5%. In the portfolio of the Bank's retail loans, which amounted to 66.1bln AMD at that date, the share of Lombard loans reaches 7.9%.

Converse Bank has been operating in the Armenian market since September 1996. As of October 1, 2017, the Bank's shareholders are Advanced Global Investments LLc (hands-Eduardo Ernekian) - 80.94%, HayPost Trust Management B.V. - 14.06%, the Cathedral of the Mother See of Etchmiadzin - 5%.

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