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Final Decision on Turning Converse Bank into OJSC By August

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  • Final Decision on Turning Converse Bank into OJSC By August

    FINAL DECISION ON TURNING CONVERSE BANK INTO OJSC TO BE MADE BY AUGUST


    YEREVAN, MAY 12, NOYAN TAPAN. The Converse Bank will make a final
    decision on turning Converse Bank CJSC (Closed Joint Stock Company)
    into an open joint stock company (OJSC) by August 2006. The bank's
    director general Artak Hanesian stated this at the May 12 press
    conference. According to him, work on introduction of corporate
    governance is currently underway at the bank. In this connection, some
    changes were made in the bank's regulations, in its council and
    executive body. Particularly, former director general of the bank
    Smbat Nasibian who owns 15% of shares has become a member of the
    council. The remaining stake of Converse Bank belongs to a
    non-resident legal entity and a non-resident natural person. It was
    noted that Converse Bank is conducting negotiations with the USAID on
    the issue of guaranteeing 50% of the bond issue.
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