In July 2010, CJSC Converse Bank, a private bank based in Armenia with approximately 42,000 customers as of December 2009, borrowed USD 10 million from the European Fund for Southeast Europe (EFSE), a microfinance investment vehicle (MIV) set up in 2005 by the German development bank KfW.
Founded in 1993, the bank has AMD 78.7 billion (USD 214 million) in assets and a loan portfolio of AMD 41.1 billion (USD 112 million) as of December 2009. The Bank has 23 branches in total as of December 2009.
About EFSE:
The European Fund for Southeast Europe (EFSE) aims to foster economic development in the southeastern Europe region by providing financial services to micro- and small enterprises and to private low-income households via qualified local financial institutions. EFSE was set up in 2005, with KfW, a German development bank, as the fund initiator and Oppenheim Asset Management as the fund manager. Its sole fund adviser is Finance in Motion. Since its founding, EFSE has invested approximately EUR 720 million, the equivalent of approximately USD 965 million, in Southeast Europe, facilitating 200,000 loans. As of December 31, 2009, EFSE has an outstanding investment portfolio of EUR 578 million, the equivalent of USD 775 million. It is also certified by LuxFLAG, an independent organization which certifies that microfinance vehicles actually invest in the microfinance sector.
About CJSC Converse Bank:
The CJSC Converse Bank is a private bank based in Armenia that provides retail and small and medium-sized enterprise (SME) banking services. Founded in 1993, the bank has AMD 78.7 billion (USD 214 million) in assets and a loan portfolio of AMD 41.1 billion (USD 112 million) as of December 2009. The Bank has 23 branches in total as of December 2009.
By Trevor Kwong, Research Assistant
Sources and Additional Resources:
Email correspondence with Microcapital
Microcapital Universe: European Fund for Southeast Europe:
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=European+Fund+for+Southeast+Europe+(EFSE)
CJSC Converse Bank:
http://www.conversebank.am/en/press_center/366/
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