Friday, December 15 2017 18:36
Alina Hovhannisyan

ARREEF and Converse Bank will Implement a Joint Project

ARREEF and Converse Bank will Implement a Joint Project

ArmInfo. Armenia Renewable Resources and Energy Efficiency Fund and Converse Bank signed a cooperation agreement, within the framework of which energy efficiency projects of community significance and energy efficiency improvement programs for the Armenian non-gasified communities will be implemented, according to the press service of the Bank.

The goal of the project is to increase the energy efficiency in Armenian communities with the help of financial organizations and to fund investments in clean energy.

According to the source, A working meeting took place at the Fund to present the project.  The meeting was attended by representatives of the Fund, interested companies working in the field of renewable energy in Armenia, and Converse Bank representatives. The participants of the meeting learnt about the possibilities of participation in the project and reached agreements on further cooperation.

According to the Financial Rating of the Armenian Banks as of October 1, 2017, prepared by ArmInfo, the assets of Converse Bank amounted to 233.4 billion AMD, of which 64.3% or 150.1 billion AMD. The bank increased its loan portfolio by 39.3% in the year, which increased assets by 34.4%. Net profit of the bank for the 9 months of 2017 amounted to 2.5 billion AMD with an annual increase of 40.4%.

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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Issue volume

10 billion

Volume of T-bills for placement

200 million

Volume of submitted competitive applications

200 million

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200 million

Yield at cut-off price

 5.8314%

Maximum yield

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Мinimum yield

 5.8314%

Weighted average yield

 5.8314%

Number of participants

2

The maturity date of T-bills

03.02.2020

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