The bank was established in 1923 to attract private savings and lend consumer credits to wide layers of the population. Before 1993, it was a part of the USSR State Savings Bank, then it started operating as a specialized Savings Bank of Armenia.

License N64 of the Central Bank of the Republic of Armenia issued on 31 October 1996.

In September 2001, the Government of Armenia made a decision to privatize the state “Armsavingsbank” by selling it to ARCH Limited Consortium [the Bahamas] and МIKA Armenia Trading. In early 2003, the whole share package passed on to “МIKA Armenia Trading”. In March 2004, the Russian “Vneshtorgbank” purchased 70% shares of “Armsavingsbank”.

On June 20 2006 the the “Armsavingsbank” was renamed into “VTB-Armenia Bank”.

VTB Bank purchased 30% minus one share from “Mika Armenia Trading” Company and became the full owner of 100% of shares of “VTB-Armenia” Bank. On October 26, 2007 Fitch Rating international rating agency granted BB` rating (with stable forecast) to "VTB Bank (Armenia)" CJSC. On October 26, 2007 Fitch Rating international rating agency granted BB ` "Positive" rating to "VTB Bank (Armenia)" CJSC, and on July 9 2008 granted to bank BB+ “Stable” rating.

The bank is a full member of VISA International payment system.

The bank has 78 branches, 31 - in Yerevan, the rest - in all marzes of Armenia.

The bank serves 236.951 clients: 231.524 individuals and 5.067 legal entities.

The bank has 848 employees.

As of 31 March 2010: total capital - 25 819 644 thousand dram, the assets - 125 572 334 thousand dram, the liabilities - 99 752 690 thousand dram.