VTB BECAME THE OWNER OF A 100 PERCENT STAKE IN ZAO BANK VTB (ARMENIA). IT WAS SAID BY VALERY OVSYANNIKOV, CHAIRMAN OF THE BOARD OF THE ARMENIAN BANK

Agency WPS
Banking and Stock Exchange, Finance, Economics (Russia)
July 27, 2007 Friday

Reference: Interfax, "VTB Buys 100% of Its Armenian Subsidiary’s
Shares", VreMYA Novostey, July 26, 2007, p.9; AK&M, "VTB Buys Armenian
Subsidiary’s Shares", Vedomosti, July 26, 2007, p.B3

According to him, VTB controlled 70% of the bank’s shares since 2004.

Mika Armenia Trading Ltd, owned by the famous Armenian businessman
Mikhail Bagdasarov, held 30% of shares. After Mikhail Bagdasarov
quitted the position of CEO, he made the decision to sell a 30 percent
stake to VTB.