YEREVAN, July 11. /ARKA/. Converse Bank has started forgiving fines and penalties on individuals’ overdue loans, the bank’s press office reported on Wednesday.

“Taking into account latest changes in the tax code, Converse Bank has decided to forgive fines for individual loan repayment delayed for 271 days and more as of 31.05.2018. A schedule for payment of the principal amount and interests is agreed with clients,” the bank says in its press release.

Converse Bank also expresses readiness to refinance these loan contracts setting up to seven-year repayment term, taking into account the amounts of the liabilities, money flows, season factor and guarantees.

Honest clients, who comply with their contractual obligations set up with a new schedule, will recover their credit history, will expand their cooperation with the bank and will receive a chance to enjoy the bank’s new products.

To discuss the loan repayment schedule it is necessary to visit any of Converse Bank’s branches before the end of this year.

“Despite the tax changes apply to individuals’ loans, a program of restructuring loan obligations, which targets bad classified loans up to AMD 20 million is being worked out now for legal entities and private companies,” the press release says.

On June 21, the Armenian National Assembly passed amendments to the tax code allowing banks in Armenia to forgive citizens’ delayed loan repayment fines and penalties.

Converse Bank CJSC was registered on December 20, 1993. The bank shareholders are Advanced Global Investments LLC (Argentina) with 80.94%, the Mother See of the Armenian Apostolic Church in Echmiadzin with 5% and HayPost Trust Management B.V. Company with 14.06%. -0----