Agreement on Sale of Conversebank to be Signed Soon

AGREEMENT ON SALE OF CONVERSEBANK TO BE SIGNED SOON

YEREVAN, JANUARY 26, NOYAN TAPAN. The agreement on purchase of
Conversebank (Armenia) will be signed soon. With this aim Argentinian
Armenian businessman Eduardo Ernekian, President of American
International Airports company, who intends to become the bank’s owner,
arrived in Yerevan on January 26. NT correspondent was informed about
it from a reliable soource. Director of Conversebank Artak Hanesian
told NT correspondent that negotiations started in November 2006 and
"next week it will be clear if the bank will be sold or not." To recap,
Conversebank was founded in 1993. At present 85% of the bank’s
authorized capital is share of non-residents: 48.7% shareholder of the
bank is Hunsotrade Ltd headed by Emad Mtanyus Khurin. 36.3% is owned by
Modalal Matnyus Khurin and 15% by Smbat Nasibian, former director of
the bank. In 1998, Conversebank became a shareholder of Artsakh Bank
and Armincasatsia companies. Last year, the bank’s overall capital grew
by 6.5% to 26.4 mln USD. In 2006, Conversebank’s net profit amounted to
3.9 mln USD, while its assets were reduced by 15% and made 97.8 mln USD
as of January 1, 2007. The bank’s authorized capital of 3.5 mln USD has
not changed.

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