VTB GROUP BECAME THE FULL OWNER OF "VTB-ARMENIA BANK" CJSC
Mediamax, Armenia
July 26 2007
Yerevan, July 26 /Mediamax/. VTB Bank purchased 30% minus one share
from "Mika Armenia Trading" Company and became the full owner of 100%
of shares of "VTB-Armenia" Bank.
Mediamax reports that this is said in the official release of VTB.
The statement notes that "business development of "VTB-Armenia Bank"
provides for the further extension of funding of Armenian economy".
The development plans include: reaching 20% share of the market in the
sphere of crediting of corporative customers and 15% – on attracting
resources from legal entities and individuals.
"The next important step in realization of the development strategy
of "VTB-Armenia Bank" will become the increase of the volume of its
authorized capital stock twice, which will assist the enlargement of
investment opportunities of the bank and the further consolidation of
competition positions of VTB Group on the Armenian market of banking
services", the statement reads.
Mediamax recalls that the owner of "Mika Armenia Trading" Company
Mikhail Baghdasarov for the first time stated his intention to sell
the 30% shares of "VTB-Armenia Bank", belonging to him, in August of
2006. Mikhail Baghdasarov stated in an interview to Mediamax that the
decision on selling the shares is conditioned by some disappointments
by the results of the work of "VTB-Armenia Bank".
"Before, the bank solved more problems for the development of the
country economy, than today. Money should be invested in the increase
of the prosperity of the people, however, sometimes, because some
reasons, which do not depend on us, we do not manage to do that",
Mikhail Baghdasarov said then.
In November of 2006, Mikhail Baghdasarov stated that he held talks
on selling the 30% shares of the "VTB-Armenia Bank" with the Russian
VTB Group and the Armenian SIL Concern. Baghdasarov noted then that
he would choose the buyer, who offered the highest price.