CONVERSE BANK PLANS TO MAKE PROFIT OF 2 BLN DRAMS THIS YEAR


YEREVAN, MAY 12, NOYAN TAPAN. This year Converse Bank plans to make a
profit of about 2 bln drams (about 4.5 mln USD). Director General of
the Converse Bank Artak Hanesian said during the May 12 press
conference that it is expected that the bank's assets will increase by
15%, its overall capital - by 25.2%, and credit portfolio - by 7.8% by
late 2006. The mortgage credits are envisaged to increase almost
2.6fold. According to A. Hanesian, it is quite possible that the
annual interest rates of deposits with the bank (currently making
4-7%) will soon rise by one percentage point. He said that 2006 was
declared Year of Customer by the Converse Bank. In this connection the
bank will develop the institution of individual servicing, join the
Europay international payment and settlement system and start
servicing Visa cards by its cash dispensers. Besides, the bank will
open 5 new branches this year, including 3 ones in Yerevan. It was
noted that in 2006, the bank envisages to introduce quality-management
ISO 9001:2000 and financial monitoring systems in line with
international standards.