VTB (ARMENIA) BANK ALLOTS $30 MLN WORTH CREDIT TO ELECTRIC NETWORKS OF ARMENIA

ARKA
Aug 29, 2008

YEREVAN, August 29. /ARKA/. The VTB (Armenia) Bank has allotted a
three-year credit to Electric Networks of Armenia (ENA).

The company is engaged in regulated distribution and sales of
electric energy in Armenia. Overall spread of its grid is 36 thousand
km. Subsidiary of Russia’s giant RAO UES INTERNATIONAL CJSC, ENA
company provides service to about 935.000 customers.

The VTB (Armenia) Bank (former Armsavingsbank), became member of the
VTB Banking Group in April 2004. The Russian VTB is now the absolute
shareholder of the bank.

The authorized capital stock of the VTB (Armenia) Bank totals 13.78bln
drams. The bank’s own capital amounts to 21.88bln dram. It has 80
branches across Armenia. The Fitch International Ratings Agency
upgraded in July the bank’s short term and long-term issuer ratings
to B and BB+ respectively.