OREANDA-NEWS. On July 25, 2007 VTB Bank acquired 30% minus 1 share from Mika Armenia Trading Ltd and thus became the sole owner of 100% stake of CJSC VTB Bank (Armenia), its subsidiary bank in the Republic of Armenia, reported the press-centre of VTB.

CJSC VTB Bank (Armenia) business development envisages further financing to the Armenian economy. The Subsidiary bank intends to achieve 20% of market share in corporate customer lending and 15% share in raising funds from legal entities and individuals. Besides, the Bank is constantly developing its retail product line and expanding business in different segments, ranging from servicing small enterprises to large corporates.

A twofold increase in the Bank’s authorized capital will be a further step to implement the Bank’s strategy that will facilitate the Bank’s investment development and strengthen VTB Group competitive positions in the banking market of Armenia.

For reference:
Under the VTB Group expansion strategy in Armenia, in 2004 VTB Bank acquired 70% + 1 share of CJSC Armsberbank, now CJSC VTB Bank (Armenia).

CJSC VTB Bank (Armenia) maintains leadership positions in the national banking sector in corporate customers servicing and households’ deposits. Today, its authorized capital amounts to AMD 7,4 billion or USD 21,9 million and assets exceed AMD 39 billion or USD 116 million.