BOARD OF VTB BANK ARMENIA UNDERGOES CHANGES
ARKA
June 9, 2008
YEREVAN, June 9. /ARKA/. The Board of the VTB Bank (Armenia) has
undergone changes due to the expiration of the term of office of VTB
Board members Olga Kanovich and Mikhail Baghdasarov, the bank’s public
relations department reports.
On the basis of the decision made during the General Annual Meeting
if the Bank’s Shareholders and according to the RA Law on Banks and
Banking Activities and the bank’s articles, the Central Bank of Armenia
(CBA) is to license the newly appointed VTB Board members.
Yelena Narozhnaya, acting Deputy Head of the VTB Bank’s Coordination
Department in the CIS, and Olga Grachova, acting Head of the VTB Bank’s
Corporate Management Department, are the new members of the VTB Board.
Senior Deputy Chairman of VTB Bank Nikolay Kuznetsov has been
reappointed VTB Board Chairman. Among Board members are Alexander
Yashnik, head of Directors of Business Development and Sergey Somov,
head of VTB Bank Retail Sale Department.
Established in 1923, the VTB Bank (Armenia) (formerly the
Armsavingsbank) had been member of the USSR Sate Savings Bank by
1993. Later, the bank was renamed Savings Bank of the Republic of
Armenia. The bank’s absolute shareholder is the Russian VTB Bank.