VTB BANK (ARMENIA) INTENDS TO FURTHER RAISE FUNDS FROM EBRD AND OTHER STRUCTURES TO INCREASE CREDITING FOR SMES

ArmInfo
2009-01-26 16:00:00

ArmInfo. Bank VTB (Armenia) intends to further raise funds from EBRD
and other structures to increase crediting for SMEs, VTB Bank (Armenia)
Deputy Director General, Director for Retail Business, Mher Grigoryan
says commenting on ArmInfo’s question. ‘All our discussions with EBRD
on the project of a specialized center for crediting for MSEs proved
that the bank should not limit itself by opening just one or two
specialized points. Given the large-scale demand for this product,
we intend to involve a broad network of branches into the process’,
M. Grigoryan said. He said the bank plans issue credits through at
least 20 branches.

The given project of MSE crediting implemented by EBRD jointly with VTB
Bank (Armenia) costs over $10 million. The credits under this project
will be issued at 16% annual interest. The credit portfolio VTB Bank
(Armenia) is over 70 billion drams. The portfolio of MSE crediting
totals about 3.1 billion drams (US$10 million). CJSC VTB Bank (Armenia)
has the largest branch network (78) in the country.