Panorama.am

14:15 27/10/06

VTB-ARMENIA BANK DOES NOT PLAN INVESTMENT YET

The management of VTB-Armenia Bank considers it early
to talk about investment. Vasili Titov, senior vice
president of VTB-Armenia Bank, said the bank has its
own capital and does not plan to invest a new capital.
He said the bank undergoes serious audit. `Our aim is
to optimize the work of the network so that it
complies with international standards of service.’

VTB Armenia has the biggest regional network in the
country composed of 100 branch offices. Alexander
Vartanov, chairman of VTB-Armenia Bank administration,
said the bank has a capital of $24 million and serves
89-90% of capital turnover between Armenia and Russia.

Reminder: 70%+1 shares of VTB-Armenia Bank belong to
Russian Bank VTB (Vneshtorbank). V. Titov said VTB is
ready to buy the rest of 30% of shares, which
currently belong to entrepreneur Michael Bagdasarov. /Panorama.am/