RUSSIA’S VTB BANK TO OPEN LEASING CO IN ARMENIA IN EARLY 2008
Prime-Tass English-language Business Newswire
December 10, 2007 Monday 11:16 AM EET
Russia’s VTB Bank plans to open a leasing company in Armenia in early
2008, the bank’s President and CEO Andrei Kostin told reporters in
the Armenian capital of Yerevan on December 8.
The company, to be called VTB Leasing (Armenia), will finance the
supplies of equipment and machinery to companies operating in the
aviation, electric power and other industries, Kostin said.
In particular, VTB Leasing (Armenia) will arrange a deal for Armenian
airline Armavia to buy SuperJet 100 planes from Russia’s Sukhoi Civil
Aircraft, Kostin said. The leasing company will provide financing
of between U.S. $55 million to $60 million for Armavia to lease
two SuperJet 100 planes in 2008, Kostin said. Sukhoi Civil Aircraft
signed a deal in September to supply two SuperJets 100s to Armavia,
according to earlier reports.
In addition, the charter capital of VTB Bank’s bank in Armenia,
called Bank VTB (Armenia), will be increased by over 62.5% to $52
million before the end of the year, Kostin said. The loan portfolio
of Bank VTB (Armenia) currently amounts to approximately $110 million
and its assets stand at $190 million.