VTB REVEALS INVESTMENT PLANS IN ARMENIA

RosBusinessConsulting, Russia
June 14 2007

RBC, 14.06.2007, Yerevan 19:51:41.VTB Bank is planning to invest $500m
in the Armenian economy, the bank’s President and CEO Andrei Kostin
told Armenian journalists at the opening ceremony of the first ‘brand
name’ branch of VTB Bank (Armenia). He pointed out that investment
projects were in the works – in particular, in the area of natural
gas supply systems, gas storage facilities, and modernization of the
republic’s electricity grid. According to him, VTB also plans to
assist in the development of the mining industry and organization
of supplies of Russian aircraft to Armenia by means of bank loans,
the Armenian news agency ARMINFO reported.

Kostin also said that the capital of VTB Group in Armenia would be
boosted to $40m, which would help its local branch to take a leading
position in the republic according to this indicator. As of the end
of the first quarter of 2007, VTB Bank (Armenia)’s share capital
stood at $20.7m, total capital amounted to $26.3m, assets added up
to $120.4m, total credit investment was $55.3m, of which $4.2m went
towards mortgage loans.