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"Converse Bank" CJSC issued the Annual Statement of Operations for the Reporting Year of 2007


In accordance with the annual statement of operations the year of 2007 was a year of confirmation of leading positions of "Converse Bank" CJSC, during which the increase of the main indexes of the Bank was higher than are the average bank increase indexes.
Particularly, the Bank assets increased by 23.2 milliard AMD or 65.5%, in addition to that the credit investments increased by 18.3 milliard AMD or almost 2.5 times and the Bank liabilities increased by 21.8 milliard AMD or 84.4%. The increase in the number of active customers and bank cards was significant as well - 32.2% and 33.7%, respectively. The financial results of the Bank before taxation were increased to 1.8 milliard AMD.

One of the principal results of the operations during the year of 2007 was the opening and exploitation of new 7 branches in Yerevan and the regions /"Abovyan", "Etchmiadzin", "Nor Nork", "Zvartnots Airport", "Kumayri", "Ijevan", "Moskovyan". Further the creation of the infrastructure and branches for the development of the Bank's new direction in financing agrobusiness, adoption of swift money transfer systems ALLURE and ZOLOTAYA KORONA, issue of new VISA MINI and GIFT cards, adoption of new types of deposits and the change to the "One Server" technology.

The LLC "ADVANCED GLOBAL INVESTMENTS" in the name of the Director Mr. Eduardo Eurnekian became the principal shareholder of the bank. The magazine "Global Finance" declared "Converse Bank" as the best bank of Armenia in the nomination "World's Best Emerging Market Awards, 2007". "Converse Bank" CJSC received the Award "Certificate of Gratitude" for successful employer participation in the "Find What You Seek" Job Fair. The crediting company "Leader" declared "Converse Bank" CJSC as the best bank in the nomination "The Best Bank" and awarded the "Golden Certificate".

For obtaining more information about "Converse Bank" CJSC, please contact Ms. Lusine Margaryan, Responsible for Public Relations by telephone: 511 237 or e-mail to: [email protected]

"Converse Bank" CJSC in one of the leading banks of Armenia, The main purpose of the bank is to provide all areas of society with comprehensive, qualitative, available and modern bank services.

"Converse Bank" CJSC was established in 1993 and possesses the license N 57 given by the CB of RA for conducting banking operations. The shareholders of the bank are the LLC "Advanced Global Investments" - 95% /President Eduardo Eurnekian/ and 5% the Holy Apostolic Church of Armenia.

The bank has 461 employees and the bank network consists of 23 branches covering 13 towns of Armenia. The aggregate capital is 12.3 milliard AMD, assets - 62.3 milliard AMD and debts - 49.9 milliard AMD as of June 30, 2008.

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