Monday, March 25 2019 18:47

ArmInfo. Converse Bank has made the terms of "Converse 25" deposit more attractive, offering up to 9,5% interest rate for the first year of a deposit in AMD and up to  5% in case of a USD deposit. The interest rate will rise for the  second year, reaching maximum 9,75% and 5,5%, respectively, the press  service of the bank informs. 

The maximum threshold of interest rates will apply when depositing  funds via Converse Bank's Internet Bank or Mobile Banking system.  0.25% lower interest rate will apply for depositing funds in other  ways.

"Converse 25" deposit is a product with maturity of 25 months, which  was introduced in September 2018 for the occasion of the Bank's 25th  anniversary and has become one of the most demanded deposits offered  by the Bank. As of the end of the previous year, the portfolio of  this deposit amounted to about AMD 1.9 billion/its equivalent in  foreign currency.

Within the framework of the deposit, the Bank offers its customers  the best conditions for depositing money, namely, high interest rates  compared to similar offers at the market. In case of early  termination of the deposit during the second year of its term, the  customer is paid interest amount at the interest rate calculated for  the first year of the deposit. Throughout the deposit term, the  customer has the opportunity to make partial withdrawals from the  principal amount.

Please follow the link https://www.conversebank.am/hy/converse25/  to  read about other advantages of "Converse 25" deposit.

According to the Financial Rating of Banks of Armenia, as of January  1, 2019, prepared by ArmInfo IC, Converse Bank is among the TOP-5 -  122.4 billion drams or $ 253.1 million, with a y-o-y growth of 9%,  and for the IV quarter of 2018 - by 7% . In this portfolio, the share  of individuals' deposits accounts for over 47%, with a y-o-y increase  in the absolute value by 11.4% - up to 57.9 billion drams or $ 119.7  million. 2018 Converse Bank completed with a net profit of 4.9  billion drams or $ 10.1 million, ensuring y- o-y growth of 37.7%.  To  recall, Converse Bank has been operating in the Armenian market since  September 1996. The Bank's shareholders are Advanced Global  Investments LLC (led by Eduardo Eurnekian) - 80.94%, HayPost Trust  Management B.V. - 14.06%, Echmiadzin Cathedral - 5%.