Yerevan /Mediamax/. “Converse Bank” branch opened today in the administrative center of Armavir marz of Armenia – Armavir town##.

Mediamax reports that after the conclusion of the opening ceremony, answering the questions of journalists, General Director of “Converse Bank” Ararat Ghukasyan stated that the new branch will provide a full spectrum of banking services to the customers, paying special attention to agriculture crediting.

“Fruitful Armenia agro-forum, funded by us, is to be launched in Yerevan tomorrow. It is devoted to discussing the possible options to develop agriculture in the country, and the fact evidences that our bank is interested in the development of the given sector of the Armenian economy”, Ararat Ghukasyan stated, noting that the specific weight of agro-credits in the credit portfolio of the bank makes only 2% (about 600mln drams), however it will gradually increase.

According to the General Director of the bank, within the framework of the expanding agro-financing program, the bank will provide credits for the term of 7 years with the annual interest rate starting from 12%.

Ararat Ghukasyan confirmed the expected growth of interest rates in the banking system of Armenia, noting that the financial crisis in the USA and Europe will not become a “strong and unexpected” impact for the Armenian economy and the banking system, “but Armenian economy will feel its consequences later on”.

Answering the question on the expected emission of “Converse Bank” bonds, Ararat Ghukasyan stated that by the end of the year the bank will publicize detailed information on the upcoming emission, noting that its volume and the circulation term will be “unprecedented” for the banking system of Armenia.