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Armeconombank First Armenian Bank to Receive Convertible Loan

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  • Armeconombank First Armenian Bank to Receive Convertible Loan

    ARMECONOMBANK TO BECOME FIRST ARMENIAN BANK TO RECEIVE CONVERTABLE LOAN


    YEREVAN, MAY 29, NOYAN TAPAN. Armeconombank and the International
    Finance Corporation (IFC) on May 29 signed a memorandum of intentions
    on implementation of two new programs. Armeconombank's Chief Executive
    Officer Ashot Osipyan told reporters that under the first program, the
    bank will receive 2 mln USD for 8 years, 1 mln USD of which will be
    used for small and medium business crediting, while another 1 mln USD
    - for mortgage crediting. According to A. Osipyan, the second program
    envisages that the IFC will allocate Armeconombank a so-called
    convertable loan of 2 mln USD. This a a new instrument for Armenia: it
    allows the creditor to have its stake in Armeconombank's capital. The
    bank may also give its shares to the IFC against all or any part of
    this 2 mln-dollar loan. Armeconombank currently ranks 5th among the
    Armenian banks by its assets amounting to 77 mln USD. The bank's net
    capital makes a sum equivalent to about 12 mln USD.
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