RUSSIA’S VTB BANK SAYS BROUGHT STAKE IN ARMENIAN UNIT TO 100%

Prime-Tass English-language Business Newswire
July 25, 2007 Wednesday 8:17 PM EET

Russia’s state-controlled VTB Bank has closed a deal to buy a 30%
minus one share stake in Armenia’s VTB Bank (Armenia), bringing
its stake in the subsidiary to 100%, VTB Bank said in an official
statement Wednesday.

VTB Bank Armenia was earlier known as Armsberbank.

VTB Bank bought the stake from Armenia’s Mika Armenia Trading Ltd. No
financial details of the deal were provided.

VTB Bank plans to double the charter capital of VTB Bank (Armenia)
from the current U.S. $21.9 million, VTB Bank said.

The assets of VTB Bank (Armenia) exceed $116 million.