YEREVAN, June 19, /ARKA/. Armenian Conversebank said it began June 16 a regular redemption of nominal mid-term coupon bonds. According to a press release by the bank, the amount of payment for each coupon bond is 804.6 Drams, while the total amount set for payment was 8.04 billion Drams.
 
The bank said it paid the entire amount by June 16 to one legal entity and 25 individuals. The first placement of coupon bonds was implemented in 2008 December.
 
The nominal amount of placed bonds was 300 million Drams with a 3 year maturity period and annual yield of 10.6%. The coupon income is paid monthly, it said. The total amount of bonds issued by the bank is 1.5 billion Drams. Overall 50,000 bonds were issued with a nominal value 30,000 Drams each. Placement of the bonds will be implemented in several phases.
 
The majority of Armenian Conversebank-95%- is owned by an Argentinean Armenian businessman Eduardo Eurnekian, the 5% by Armenian Apostolic Church. It has 25 branches in 13 Armenian towns and 500 employees. On March 31 the bank's assets were estimated to cost 80 billion Drams, its liabilities stood at 67. 4 billion Drams, the total capital was worth 12.6 billion Drams, credit investments- 46 billion Drams . The bank earned 642.3 million Drams in net profits in the first quarter. ($1- 374.20 Drams). -0-