The authorized capital of Converse Bank has increased by AMD 3,531B (USD 7.4M).  

The decision on replenishment of the authorized capital was taken at the General Shareholder Meeting of the bank on April 2, Converse Bank said.

“Eurnekian Family has always prioritized the expansion of their presence in Armenia and Artsakh and has continuously made contributions to the economic development and charity programs.  Our decision is a significant step toward the creation of a stronger and more rapidly growing bank.  On the other hand, we do believe that the Armenian economy is attractive and has a sustainable financial sector with a large earning potential.  By increasing the capital we express our confidence in the bank in the view of implementation of the upcoming plans,” said Jorge Alberto Del Aguila, Converse Bank CJSC Board member and the representative of Eurnekian Family in Armenia.

“The ordinal increase of capital was planned under the bank’s development programs for 2020, which was approved back in the past year.  We completed the process in April.  In the recent years Converse Bank has demonstrated a progressively steady growth in the core business indicators by providing a firm level of profitability. The increase of capital will enable the bank to preserve the growth rate.  The funds will be used to expand the financing of small and medium businesses, as well as to achieve the strategic objectives of the Bank, including the development of remote digital services,” said Artur Hakobyan, the CEO of Converse Bank.

Converse Bank was founded in 1993.  The bank positions itself as a universal bank and views the retail banking services as a priority direction of development.  The bank’s main financial results displayed sustainable growth dynamics in the period of 31.12.2016-31.12.2019, the assets grew by 71% and comprised about AMD 326.6bn at the end of 2019, the loan portfolio grew by 90% and amounted to about AMD 226.7bn, the liabilities increased by 77% and made about AMD 281.6bn, and the net profit grew roughly 3.5 times and made over AMD 5.4bn. The ROE made 12.9% based on the 2019 results.