VTB BANK (ARMENIA) TO ENTER ARMENIA’S LOAN MARKET IN 2009

ARKA
Sep 10, 2008

YEREVAN, September 10. /ARKA/. Valeri Ovsyannikov, General Manager
of VTB Bank (Armenia), stated on Monday the bank intends to enter
Armenia’s loan market in 2009.

"We believe we should enter market with a sufficient amount of funds,
but we are not sure the market is ready to absorb this amount now,"
Ovsyannikov said. He pointed out that it is at least $20-30mln.

The bank intends to enter Armenia’s loan market as "a trial balloon".

"We would like to work the plan through and, maybe, raise a loan
but it is a next-year issue and it will depend on the market,"
Ovsyannikov said.

The VTB Bank (Armenia) CJSC (Armsavingsbank CJSC until June 20, 2006)
has been a VTB Group member since April 2004. VTB Bank is sole owner
of VTB Bank (Armenia) CJSC.