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CONVERSEBANK OF ARMENIA SIGNS $10MLN WORTH CREDIT LINE AGREEMENT WITH EBRD
ARKA
Nov 25, 2008
YEREVAN, November 25. /ARKA/. Conversebank of Armenia and the European
Bank for Reconstruction and Development (EBRD) signed an agreement
on a $10mln worth credit line Tuesday.
It is a four-year credit at an average market interest rate of about
16% p.a., Executive Director of Conversebank Ararat Ghukasyan said
adding that the loan is to be extended in two tranches - $5mln each.
The first part is expected to arrive as early as in mid-January next
year, Ghukasyan said.
Ghukasyan said that the loan funds will be used to provide credits
to small and medium enterprises. Interest rates will range depending
on liquidity and risks and borrowers' credit portfolio, he said.
"Conversebank" Closed Joint Stock Company was registered on December
20 1993. Since February 2007 Argentinean businessman of Armenian
origin Eduardo Ernekian has been holding 95% of the bank's shares.
Armenian Apostolic Church owns the remaining 5%. Conversebank has 25
branches, including eight branches in Yerevan.
By the end of October 2008, the bank's assets had totalled 63.9bln
Drams, total capital 13bln Drams, liabilities 50.9bln Drams.
According to the information of ARKA News Agency, at the end of the Q3
2008, Conversebank was the sixth among the banks of Armenia in terms of
assets, crediting volume, liabilities, total capital, and the20third -
in terms of aggregate deposits from individuals and organizations. The
bank ranks the fifth in terms of profit in January-September.
ARKA
Nov 25, 2008
YEREVAN, November 25. /ARKA/. Conversebank of Armenia and the European
Bank for Reconstruction and Development (EBRD) signed an agreement
on a $10mln worth credit line Tuesday.
It is a four-year credit at an average market interest rate of about
16% p.a., Executive Director of Conversebank Ararat Ghukasyan said
adding that the loan is to be extended in two tranches - $5mln each.
The first part is expected to arrive as early as in mid-January next
year, Ghukasyan said.
Ghukasyan said that the loan funds will be used to provide credits
to small and medium enterprises. Interest rates will range depending
on liquidity and risks and borrowers' credit portfolio, he said.
"Conversebank" Closed Joint Stock Company was registered on December
20 1993. Since February 2007 Argentinean businessman of Armenian
origin Eduardo Ernekian has been holding 95% of the bank's shares.
Armenian Apostolic Church owns the remaining 5%. Conversebank has 25
branches, including eight branches in Yerevan.
By the end of October 2008, the bank's assets had totalled 63.9bln
Drams, total capital 13bln Drams, liabilities 50.9bln Drams.
According to the information of ARKA News Agency, at the end of the Q3
2008, Conversebank was the sixth among the banks of Armenia in terms of
assets, crediting volume, liabilities, total capital, and the20third -
in terms of aggregate deposits from individuals and organizations. The
bank ranks the fifth in terms of profit in January-September.