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As of October 1, Converse Bank CJSC has waived fines and penalties amounting to around AMD 320 mln for more than 1200 loan agreements. As the Bank reported in a press statement, the waiver process involves private individual borrowers having loans overdue for 271 and more days and classified as loss as of 31 May of the current year.

“We are ready to discuss all requests submitted to Converse Bank branches until 31.12.2018, and, if necessary, conclude refinancing agreements with the customers at up to 7-year maturity,” the statement released by the Bank said.

Although the amendments made to the Tax Code months ago refer only to loans issued to private individuals, Converse Bank is also ready to discuss the possibility of waiving the fines and penalties accrued to the overdue loans for a contractual amount up to AMD 20 mln issued to legal entities and sole proprietors.

“We expect that the customer flow will become more active soon, and the waiver program initiated by the Bank will be an incentive to find new ways of cooperation with customers and improve the customers’ credit history,” it was concluded at the Bank.