VTB BANK ARMENIA EXPANDS ONLINE REGIONAL NETWORK

PanARMENIAN.Net
28.04.2009 20:36 GMT+04:00

VTB Bank Armenia expands its online regional network. Branches in
Hrazdan, Vedi, Artashat and Masis have been already linked. Up to
June 20, 2006 VTB Bank (Armenia) has operated under the name Savings
Bank of the Republic of Armenia. Armsavingsbank was founded in 1923
with an aim to render banking services, particularly to attract
savings and grant consumer loans. Since April 2004 one of the RF
leading banks, Vneshtorgbank, became the shareholder of over 70%
of Armsavingbank shares, thus Armsavingsbank became integrated into
the network of Vneshtorgbank subsidiaries operating worldwide. In
June 2006 Armsavingsbank was renamed to VTB Bank (Armenia) CJSC.

In July 2007 VTB acquired 30% less one share from Mika Armenia Trading
LTD company and became the sole shareholder of 100% shares of its
subsidiary in Armenia, VTB Bank (Armenia) CJSC.

Activity Program of VTB Bank (Armenia) envisages further expansion of
Armenia’s economy financing. Beside, the Bank constantly renews the
range of services offered to retail business customers and enlarges its
activities in most diverse spheres of business, from small enterprise
servicing to expansion of collaboration with major corporate clients.

Bank has 78 branches and 848 employees.