NEW VTB GROUP BRAND OFFICIALLY LAUNCHED IN ARMENIA
SKRIN Market & Corporate News
October 31, 2006 Tuesday 2:44 PM GMT
On October 27, within the framework of a visit of VTB Management
to Armenia, a press conference was held to mark the launch of a new
brand of the Bank Group – VTB.
Through developing its activities in Armenia, the VTB Group will
enhance the efficiency of servicing Russian customers business in
Armenia, effecting foreign trade settlement, and implementing foreign
trade cooperation programmes between Armenia and Russia.
To expand operations of the VTB Group in Armenia, VTB acquired in
2004 a 70% + one share interest in Armsberbank, which is currently
operating under the VTB Bank (Armenia) name. This financial institution
has gained solid positions in corporate business. As of 01.07.2006,
it is ranked 1st in the national banking system in terms of lending
volumes with a 14% share.
In the retail market, VTB Armenia is the second largest bank of the
country in terms of household deposits raised, with about a 10%
market share. The regional network of VTB Armenia is the largest
in the country; it consists of 100 branches and covers actually the
whole of the country territory.
Business development of VTB Armenia implies more finance to be
channelled into the national economy. The Bank plans to gain a
20% market share in lending to corporate customers and 15% – in
attracting new corporate customers. Moreover, a product line for
retail customers will also continue to develop, with simultaneous
efforts in SME servicing.
Citing Vassily Titov, Senior Vice President, Member of the Board,
transit of bank-members of the VTB Group in Russia, Europe, Asia,
Africa and the CIS to operating under a single brand is an important
step within the framework of further integration of VTB activities,
an instrument designed to strengthen competitive edge of the VTB
Group in national banking markets, including that of Armenia.