The bank was established in 1993 as a "North Armenian" shareholding bank. In 1997 it was reorganized as "Converse Bank" CJSC. In February 2007 "Advanced Global Investments" LLC, a US based company controlled by Eduardo Ernekian bought 95% of Converse bank shares. Remaining 5% of shares belong to Mother See of Holy Etchmiadzin Catholicosate.

The bank is a principal member of "Visa International" payment system, the only agent disseminating American Express cards in Armenia, and participant of a number of money transfer systems (WESTERN UNION, MIGOM, CONTACT, VMT, INTEREXPRESS, UTS). The bank is the 5th Armenian bank in terms of assets, and 4th in terms of total capital. The bank has 23 branches, located in Yerevan, Gyumri, Hrazdan, Vanadzor, Sevan, Charentsavan, Nor Hajn, Armavir, Metsamor and Artashat.

Experts of Financial Times Corporation ranked Armenian Converse Bank as the best bank of Armenia for the second consecutive year for quick introduction of state-of-the art banking technology and raising the level of clientele services.