Yerevan /Mediamax/. “Converse Bank” announced today the issue of its medium-term coupon bonds at the volume of 1bln 500mln AMD and the placement of the first tranche at the volume of 300mln AMD.

Mediamax reports that, speaking at the issue presentation today, General Director of “Converse Bank” Ararat Ghukasyan stated that the given issue is unprecedented for the banking sector of Armenia as to circulation term and the program nature, since it provides for placement by several tranches.

The total volume of the issue will make 1.5bln AMD, the number of bonds – 50 thousand, nominal value of each bond – 30 thousand AMD, repayment term – 3 years, annual yield – 10.64%. The coupon yield will be paid quarterly.

Head of Financial Markets Department of the bank Tigran Davtyan informed that the first tranche of “Converse Bank” bonds will undergo listing at Armenian Stock Exchange (Armex) on December 16.

The whole issue will circulate at the Armenian Stock Exchange; the issue underwriter is “Capital Asset Management” Company.

Talking about the bank’s plans for 2009, Tigran Davtyan noted that “Converse Bank” intends to increase the profit for 25%, the credit portfolio – for 50%, means, attracted from customers – for 40%, and the number of customers – for 27.5%.

According to Tigran Davtyan, it is also planned to increase the attracted program resources for 210%, making them reach 10bln AMD, realize capital investments at the volume of 1bln AMD, and increase the number of cash machines by 10, making their number reach 55.