Proudly Announces The Appointment Of New Board Members From USA


17:19:31 – 29/07/2009

Converse Bank announced today the appointment of two prominent New
York executives to its Board of Directors. John Tonelli and Robert
Setrakian will assume their positions as soon as their appointment
is confirmed by the Central Bank.

John Tonelli is a senior banker and Head of International Project
Finance at JP Morgan Chase in New York City with over 20 years of
experience in international finance. Prior to joining JP Morgan Chase
Mr. Tonelli was a Senior Managing Director and Head of Emerging Markets
Structured Finance at Bear Stearns & Co. Earlier he was a lawyer
at Cadwalader Wickersham & Taft, a major Wall Street law firm based
in New York City. Mr. Tonelli received a B.A. degree from Columbia
University and a Law Degree and an M.B.A. at Fordham University.

Robert Setrakian is the Managing Director of The Helios Group, a New
York-based private investment firm. Before forming The Helios Group,
Mr. Setrakian served as the Chief Financial Officer of Sunbeam-Oster
Company, a multinational, Fortune 500 consumer products company. He
was also a General Partner of Japonica Partners, a proactive buy-out
and investment company. Previously, he worked in the merchant banking
Department of First Interstate Bank of California. Mr. Setrakian
received a BA in Economics and an MBA in Finance and International
Business from the University of Southern California.

In announcing the appointment the shareholders said ‘reliability,
integrity, and customer service are paramount for our bank. For
that reason, we continuously implement programs, which distinguish
us in the marketplace as one of the leading banks in Armenia with an
impeccable reputation. The appointment of two talented and experienced
professionals from Wall Street to our Board of Directors will further
improve the quality and level of professionalism of our management
and staff.’

"The appointment of John Tonelli and Robert Setrakian as senior members
of the Converse Bank team will significantly elevate the capabilities
of the bank and generate outstanding new services to its customers"
continued the shareholders.

When asked about the nominations, Artur Javadyan, Chairman of the
Central Bank of Armenia, said "the appointment of Mr. Tonelli and
Mr. Setrakian is a positive development for Converse Bank and for
the Armenian banking sector in general".