trending Market Intelligence /marketintelligence/en/news-insights/trending/MfGB_GpU9dZKa_eKaZlmHA2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Report: Converse Bank completes capital hike

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity


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.