NEW BRANCH OF VTB BANK-ARMENIA OPENS IN YEREVAN

Noyan Tapan
Jun 14 2007

YEREVAN, JUNE 14, NOYAN TAPAN. The opening of the new branch of VTB
Bank-Armenia CJSC owned by VTB Bank OJSC (Russia) in Yerevan symbolizes
the Armenian and Russian economies’ being integrated and the fact that
the financial sector must contribute to this integation. The Chairman
of the Central Bank of Armenia (CBA) Tigran Sargsian stated this on
June 14 during the opening ceremony of VTB Bank-Armenia’s branch in
"Moscow House" (Yerevan).

He expressed a hope that the bank will have a leading position in
Armenia and the "rapid implementation of the agreements reached will
be a new stimulus for integration of our economies."

Chairman of VTB Bank’s board Andrey Kostin said that they reached
an agreement with the CBA chairman on the programs of further
capitalization and development of the network of branches. According
to him, investment programs to be implemented in Armenia’s energy
sector, gas transportation, air transportation and metal mining have
been discussed with the Armenian prime minister Serge Sargsian.

It is noteworthy that VTB Bank envisages to increase the capital of
VTB Bank-Armenia up to 40 million dollars, and by this index it will
become the largest bank in Armenia.