YEREVAN, October 4. /ARKA/. The Yerevan-based Converse Bank said today it has increased its authorized capital by 7 billion drams, bringing its total regulatory capital to 28 billion drams.
The capital replenishment to the tune of 6.6 billion drams was made by its major shareholder Advanced Global Investments. The rest-0.4 billion drams- by the second shareholder- the Armenian Apostolic Church.
“These funds will enable the bank to carry out its long-term programs. The Bank plans to increase the range of services and to significantly expand and diversify its loan portfolio, as well as to introduce modern banking technologies and tools, “the bank said in a press release.
Along with the gradual replenishment of the capital the bank also is revising its management system by introducing the best international standards of corporate governance.
Converse Bank was registered in 1993. In 2007 some 95% of its shares were acquired by an Argentinean businessman of Armenian origin Eduardo Eurnekian. The remaining 5% belong to the Armenian Apostolic Church.
The bank’s assets in the second quarter of 2016 declined by 5% from the year before to 150.8 billion drams, its liabilities fell by 6.6% to 128.9 billion drams. However, the bank saw its profit grew by almost 30% in the first half to 978.6 million drams. ($ 1 – 474.34 drams). -0-
