VTB childhood new deposit introduced in Armenia on September 1

YEREVAN, September . /ARKA/. VTB Childhood new deposit is introduced by
Bank VTB (Armenia) closed joint stock company on September 1, General
Director of the bank Valery Ovsiannikov reported.

The new deposit is giving parents an opportunity to accumulate funds
for future education expenses of their children, Ovsiannikov said.

Ovsiannikov pointed out that free insurance for deposit holders is part
of the new product offered by Bank VTB (Armenia).

In case of an accident, the deposit holders will get money from the
insurance company and will not have to break off the deposit,
Ovsiannikov said. The deposits will be kept until the children attain
majority and are able to get the money, he added.

Head of the bank’s department for retail business development Hayk
Shekyan, in his turn, said that interest rates on the new deposit are
9% for deposits in drams, 7% for deposits in USD and 3% for deposits in
euros.

The rate is tied to the deposit amount; deposit holders can accumulate
and the interest rate will go up, Shekyan said.

Ovsiannikov pointed out that interest rates will depend on the market
first of all and may change in the future by the end of this year or
the beginning of the next year.

`In any case, I believe that the interest rates are adequate to the
inflation recorded in Armenia,’ Ovsiannikov said adding
that it will
help people not lose on inflation and preserve money to get reasonable
interest in five years and to pay for higher education of their
children.

Bank VTB (Armenia) (Armsavingsbank before June 20 2006) joined the VTB
Group in April 2004. Currently the bank VTB is the full owner of Bank
VTB (Armenia) closed joint stock company. N.V. `0–