Proudly Announces the Appointment of New Board Members from USA

Converse Bank announced today the appointment of two prominent New York executives to its Board of Directors.

John Tonelli and Robert Setrakian will assume their positions as soon as their appointment is confirmed by the Central Bank.

John Tonelli is a senior banker and Head of International Project Finance at JP Morgan Chase in New York City with over 20 years of experience in international finance. Prior to joining JP Morgan Chase Mr. Tonelli was a Senior Managing Director and Head of Emerging Markets Structured Finance at Bear Stearns & Co. Earlier he was a lawyer at Cadwalader Wickersham & Taft, a major Wall Street law firm based in New York City. Mr. Tonelli received a B.A. degree from Columbia University and a Law Degree and an M.B.A. at Fordham University.

Robert Setrakian is the Managing Director of The Helios Group, a New York-based private investment firm. Before forming The Helios Group, Mr. Setrakian served as the Chief Financial Officer of Sunbeam-Oster Company, a multinational, Fortune 500 consumer products company. He was also a General Partner of Japonica Partners, a proactive buy-out and investment company. Previously, he worked in the merchant banking Department of First Interstate Bank of California. Mr. Setrakian received a BA in Economics and an MBA in Finance and International Business from the University of Southern California.

In announcing the appointment the shareholders said "reliability, integrity, and customer service are paramount for our bank. For that reason, we continuously implement programs, which distinguish us in the marketplace as one of the leading banks in Armenia with an impeccable reputation. The appointment of two talented and experienced professionals from Wall Street to our Board of Directors will further improve the quality and level of professionalism of our management and staff."

“The appointment of John Tonelli and Robert Setrakian as senior members of the Converse Bank team will significantly elevate the capabilities of the bank and generate outstanding new services to its customers” continued the shareholders.

When asked about the nominations, Artur Javadyan, Chairman of the Central Bank of Armenia, said “the appointment of Mr. Tonelli and Mr. Setrakian is a positive development for Converse Bank and for the Armenian banking sector in general”