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Report: Converse Bank completes capital hike

Converse Bank CJSC increased its capital by 2.43 billion Armenian drams, after which its total regulatory capital reached 31.9 billion drams, Armbanks reported Dec. 28.

HayPost Trust Management BV, a company linked to businessman Eduardo Eurnekian, who controls 95% of the bank, purchased 7,693 additional shares, gaining a 14.06% stake in the lender. The Armenian Apostolic Church acquired 405 additional Converse Bank shares to retain its 5% holding in the bank.

This is the second stage of a capital increase process at the lender. In September, Advanced Global Investments, also controlled by Eurnekian, purchased additional shares of the lender worth 6.6 billion drams, while the Armenian Apostolic Church contributed around 400 million drams to the hike.

As of Dec. 28, US$1 was equivalent to 483.33 Armenian drams.