AN ARMENIAN ENTREPRENEUR INTENDS TO SELL 30% OF VTB BANK SHARES

Yerevan, August 23. ArmInfo. Renowned Armenian entrepreneur Mikhail
Bagdasarov intends to sell 30% of VTB-Armenia bank, which belong
to him.

In an interview to ‘Haykakan Jhamanak’ newspaper he stated that at
present he considers 2 possible ways of selling the shares. By the
first one the shares will be purchased by the Russian Vneshtorgbank,
owner of the remaining 70% VTB shares. His intention Mr. Bagdasarov
explained by resigning the office of the Head of VTB-Armenia Bank
Council. Recently on that post was elected the vice-president of
Vneshtorgbank.

According to ArmInfo analysis, Mikhail Bagdasarov is rather
dissatisfied with the passive and instable stance of the VTB-Armenia
bank in the Armenian market. At the same time the Russian side has
already invested $15-20 million for the development of the former
Armsavingsbank. By the end of the first half of 2006 the authorized
capital stock of the bank equaled $18 million.

From: Emil Lazarian | Ararat NewsPress