BANK VTB (ARMENIA) OPENS NEW BRANCH IN HOUSE OF MOSCOW (YEREVAN)

ArmInfo
2007-06-15 00:12:00

A new branch of Bank VTB (Armenia) was opened in the House of Moscow
(Yerevan) today.

The president-chairman of the board of VTB Andrey Kostin thanked
the Central Bank and the Government of Armenia for their support of
Bank VTB Armenia. He said that by the end of this year the bank is
planning to open more branches: small branches for the population
and big ones for corporate clients. Kostin said that the design of
the office meets the standards and requirements of VTB Group. "We
are going to apply it to other branches too.

We are also going to raise the quality of our products, attract
students, train personnel for our bank as the banking sector of Armenia
is quickly developing and we will certainly need highly-qualified
and professional employees," Kostin said.

The president of the Central Bank of Armenia Tigran Sargsyan said
that the opening of the branch is a significant event. "It symbolizes
the active integration of the Armenian and Russian economies. The
financial sector should promote this integration and we hope that bank
VTB Armenia will be in the vanguard. I hope that our agreements will
give a new impulse to this process. In the near future we are going
to make decisions that will lead to a breakthrough in our relations,"
Sargsyan said.

Today, Kostin met with Prime Minister of Armenia Serzh Sargsyan and
President of CB Tigran Sargsyan. Kostin said that VTB is going to
invest almost $500mln in the Armenian economy.

As of Jan 1 2007 Bank VTB Armenia had 98 branches: 43 in Yerevan,
54 in regions, 1 in Nagorno-Karabakh. The bank has the biggest branch
network in Armenia.