ACTIVITIES OF VTB BANK (ARMENIA)’S BRANCH DISCONTINUED
PanARMENIAN.Net
14.01.2010 14:58 GMT+04:00
/PanARMENIAN.Net/ By the decision of the Central Bank of Armenia’s
(CBA) chairman Arthur Javadyan activities of branch N 84 of VTB Bank
(Armenia) are discontinued, press office of CBA reported. The CBA
Board granted a license to implement remittances to EDram Ltd.
VTB Bank (Armenia) (formerly Haykhnaybank) was established in 1923
to attract savings and provide consumer credit to the population. In
September 2001 the government of Armenia made a decision to privatize
the state-owned "Haykhnaybank" (Armenian Savings Bank) through its
direct sale to the consortium of ARCH Limited/The Bahamas and Mika
Armenia Trading. In early 2003 the entire shareholding of the company
went to Mika Armenia Trading. In March, 2004, 70 per cent of the
Haykhnaybank’s stake were acquired by Russia’s Vneshtorgbank. On 20
June, 2006 Haykhnaybank was renamed to "VTB-Armenia Bank". On July 25,
2007 VTB acquired 30 per cent minus 1 share in Mika Armenia Trading
and became the sole owner of 100 per cent of stakes in its subsidiary
bank, VTB Bank (Armenia) JSC.
The Bank is a full member of Visa International.
EDram was elaborated and introduced in 2003 with the aim to provide
a convenient tool for electronic commerce in Armenia. EDram is
an electronic system enabling to make on-line payments in units,
equivalent to the Armenian dram for various services, products and
make money transfers.