ON NOVEMBER 7, A BUSINESSMAN MIKHAIL BAGDASAROV CONFIRMED HIS INTENTION TO SELL 30% OF SHARES OF VTB-ARMENIA,
A SUBSIDIARY BANK OF VNESHTORGBANK

Agency WPS
Banking and Stock Exchange, Finance, Economics (Russia)
November 9, 2006 Thursday

Reference: RIA RBC, "VBT-Armenia Is About to Lose a Shareholder",
RBC daily, November 8, 2006, p.9.

The businessman disagrees with the policy being followed by the bank’s
management. For example, he is discontented that the bank intends to
wind up 40 branches by reason of their unprofitability.

Mikhail Bagdasarov is sure that these branches may start to yield a
profit under a good management. Russian Vneshtorgbank controls 70%
of VTB-Armenia’s shares.