BANK VTB ARMENIA LOWERS INTEREST RATES FOR DEPOSITS IN FOREIGN CURRENCY BY 2%

/ARKA/
May 19, 2010
YEREVAN

Bank VTB Armenia has decided to day to lower interest rates for
deposits in foreign currency by 2%. The bank said the decision applies
to all deposits, except for individual deposits equivalent to one
million Drams.

The bank has also lowered interest rates for all corporate lending
products in foreign reserve. According to its press release, the
demand for credit products in foreign currency is sluggish, prompted
in all likelihood by the lowering rates at global markets and liquidity
surplus. The bank predicted also a continued growing demand for credit
products in Drams Bank VTB Armenia’s credit portfolio grew by 5%
in the first quarter of the year. On March 31 its credit investments
totaled 74.7 billion Drams.

Bank VTB Armenia is owned fully by the second largest Russian bank
VTB. Bank VTB Armenia has the largest network of branches-68.