VTB OVERCOMES ALL OBSTACLES TO THE PURCHASE OF AZERI BANK
arminfo
2008-08-19 20:31:00
ArmInfo. VTB has overcome all obstacles to its entry into the Azeri
banking market, says the commercial representative of Russia in
Azerbaijan Yuri Schedrin.
He hopes that by the end of this year VTB will be permitted to buy
the shares of an Azeri bank.
Trend news agency reports that VTB is planning to buy a controlling
stake in AF Bank. A source from the National Bank of Azerbaijan says
that they are considering VTB’s offer. They in VTB expect the deal
to be made in the autumn.
Earlier, RosFinCom agency (Moscow) reported with reference to
the press service of VTB that the Supervisory Board of VTB Bank
Armenia had decided to close its branch in Stepanakert, the capital
of Nagorno-Karabakh Republic. VTB has inherited the branch from
ArmSavingsBank.
RosFincom said that the existence of a branch in Stepanakert was
problemaic due to the though attitude of the Azeri authorities
towards companies having contacts with Nagorno-Karabakh. ArmInfo’s
correspondent has failed today to contact the press service and the
management of VTB Bank Armenia for verifying this information.