OREANDA-NEWS. June 15, 2007. Within the framework of his visit to Armenia, Andrei Kostin, Chairman and CEO of VTB met Serge Sarkisyan, Prime Minister of Armenia. During the meeting the parties discussed specific lines of cooperation between VTB and the Republic of Armenia in the sphere of investments. In particular, VTB participation in financing large projects on gasification and gas-holding, network system modernization, metal mining industry development, and aerotechnics delivery from Russia to the Republic of Armenia.

Significant attention was paid to the issue of arranging Russian Rouble settlement schemes in the CIS, mentioned by Russian President Vladimir Putin at the XI International Economic Forum in St. Petersburg. Head of Armenia supported VTB plans to develop settlement options through national currencies of the CIS.
 
Andrei Kostin also held a meeting with Tigran Sarkisyan, Chairman of Armenian Central Bank and shared his plans to increase VTB Group capital in Armenia up to USD 40 million that will allow VTB Bank (Armenia) to become the largest bank in the Republic. Besides, Andrei Kostin told about his plans concerning modernization and improvement of VTB Bank (Armenia) regional network and extension of its banking services to citizens, including mortgage lending. 

During VTB Head visit to Armenia, a Cooperation Agreement with “Armenia network system” (ANS) was signed. Under the Agreement VTB Group banks will participate in financing ANS investments and short-term capital operations of enterprise with the total volume up to USD 70 million. Moreover, Andrei Kostin took part in the opening ceremony of VTB Bank (Armenia) branch, located in the house of Moscow in the centre of Yerevan.