BAGHDASAROV SOLDS VTB BANK (ARMENIA) SHARES "AT RIGHT MOMENT"
ARKA News Agency, Armenia
July 27 2007
YEREVAN, July 27. /ARKA/. The Armenian businessman Mikhail Baghdasarov
thinks that he has sold his share in the Bank VTB (Armenia) "at the
right moment and on good terms".
"The reason for the sale of 30% minus one share that belonged to me
is AMD revaluation and disagreement with the policy implemented by
the Bank VTB (Armenia)," Baghdasarov said.
He believes that the bank did not implement the right policy, but the
new managers laid down the right program. "On our part, we will help
the bank through our accounts at the Bank VTB (Armenia)," he said.
He pointed out that the possibility of sale of the rest 30% was
first agreed on during the sale of 70%, Secondly, "30% of shares
do not influence the bank’s activities." According to Baghdasaryan,
the funds received from the sale of shares will be invested in the
Armavia Airline.
Baghdasarov did not rule out the possibility of his returning to
Armenia’s banking sector. "For the time being, we are not remaining in
the banking sector, which, however, does not mean we cannot return. We
may sell a company and purchase a bank tomorrow," Baghdasarov said.
On July 25, 2007, the Bank VTB purchased the rest 30% minus one
share from the Mika Armenia Trading Ltd owned by Mikhail Baghdasarov,
thereby becoming an exclusive owner of its daughter bank in Armenia –
Bank VTB (Armenia) CJSC.
According to the official balance sheet, by June 30, 2007, the capital
of the Bank VTB (Armenia) had totaled AMD 9.4bln, authorized capital
AMD 7.5bln, total assets AMD 38.2bln, balance profit AMD 1.5bln,
profit AMD 64.7bln (in the 1st half of 2007). At present the bank
has 91 branches.