VTB BANK (ARMENIA) SELLING HRAZDAN CEMENT PLANT

YEREVAN, March 12. / ARKA /. VTB Bank (Armenia) is negotiating
currently the sale of a cement plant in the town of Hrazdan, the bank’s
chief executive Yuri Gusev said in an interview with a local newspaper
‘Golos Armenii’ (Voice of Armenia).

The Russian-owned bank became the owner of the plant after its previous
owner Mikhail Baghdasarov declared the bankruptcy of Armavia airline,
which he also owned.

In 2014 the bank provided the plant with a loan that was instrumental
in resuming its operation. The plant’s products are sold in Iran,
Iraq, Europe and the Russian Federation.

According to Gusev, VTB Bank (Armenia) wants the plant to continue its
operation because the town of Hrazdan is actually a single-enterprise
town.

‘VTB Bank (Armenia) feels its social responsibility for the fate of
its residents,’ Gusev said. He said the bank will be assisting the
new owner of the cement plant in attracting international investor.

VTB Bank (Armenia) is a 100% subsidiary of Russian VTB Bank. It runs
67 branch offices throughout Armenia, more than any other local bank.

The bank’s assets in late 2014 stood at 379.6 billion drams (a 25.6%
year-on-year increase); its liabilities were worth 334.8 bln drams
(26.3% growth), total capital stood at 44.7 bln drams (20.2% growth),
loan investments – about 244.3 bln drams (11.6% increase). The 2014
profit of the bank amounted to 777.14 mln drams, as compared to 5.6
bln drams in 2013. ($1 – 479.54 drams).M.M.-0-