Mikhail Baghdasarov: My decision on selling 30% shares of the “VTB-Armenia” bank is reasoned by “some disappointment”

31.08.2006 | 16:55 Home / News / News /

Yerevan, August 31 /Mediamax/. President of the “Mika Limited” Company Mikhail Baghdasarov confirmed in an interview to Mediamax his decision on selling 30% package of shares of the “VTB-Armenia” bank [former “Armsavingsbank”].
According to Baghdasarov, if the Russian “Vneshtorgbank”, to which an official notification of the decision on selling the 30% share is already sent, refuses to purchase the package, it will be sold to a third party.

“It is a well-known Armenian organization, which has a serious work experience in the banking sphere”, Mikhail Bagdasarow said. The President of the “Mika Limited” stated that there is also another potential purchaser, “with whom we have not yet discussed the details of the deal”.

The businessman said that the decision on selling the shares is reasoned by “some disappointment” by the work results of “VTB-Armenia” bank.

“Before, the bank solved more problems for the development of the country economy, than today. Money should be invested in the increase of the prosperity of the people, however, sometimes, because some reasons, which do not depend on us, we do not manage to do that”, Mikhail Baghdasarov said in an interview to Mediamax.

Commenting on the increase of the foreign capital in the Armenian banking system, Mikhail Baghdasarov stated that attracting investments is a positive phenomenon in itself. “The question is how effective the money work is and what real benefit it provides for the economic development of the country”, the well-known businessman noted.

The owner of the 70% share of the “VTB-Armenia” bank [former “Armsavingsbank”] is the Russian “Vneshtorgbank”.

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