BANK VTB (ARMENIA) TO INCREASE MORTGAGE PORTFOLIO FOR SEVERAL TIMES TILL THE END OF 2008

arminfo
2008-04-29 16:38:00

ArmInfo. Bank VTB (Armenia) is going to increase mortgage portfolio
for several times till the end of 2008, Director General, Chairman
of Directorate of Bank VTB (Armenia) Valeriy Ovsyannnikov told
journalists today. He also added that by the end of the first quarter
of the current year the mortgage portfolio of the bank amounted
to about $21 mln, having grown almost by 29% since the beginning
of the year. ‘Housing market in Armenia is growing parallel to the
construction volumes>, – he said and added that the bank is going to
negotiate with construction companies.

He stressed that the bank’s mortgage lending terms are accessible for
the middle section of the population. In 2007 the bank was among the
first to sell affordable housing loans in the primary and secondary
markets at the annual interest of 12% and 20 years of repayment
period. As of January 1 2008, the total mortgage portfolio of the
Armenian banking system made up 53.5 billion drams, having doubled
since 2007.