Yerevan, October 27 /Mediamax/. The “VTB-Armenia Bank”, 70% shares of which belong to the VTB banking group, will develop as a multi-functional bank.

Mediamax reports that the Chief Vice-President of VTB Vasili Titov said this at a news conference in Yerevan today. According to him, the operational development of the “VTB-Armenia Bank” is called to assist the increase of effectiveness of service of commercial operations for Russian customers in Armenia. The bank also intends to activate its operations in the sphere of realization of programs of external economic cooperation of Armenia and Russia.

Vasili Titov stated that the VTB Group is interested in purchasing 30% shares of the “VTB-Armenia Bank”. He noted that at present VTB considers the offer on purchasing the shares, however, the final decision will depend on the price of the package. According to Titov, the issue of purchasing the shares will finally be clear in the course of 2-3 months.

The Russian “Vneshtorgbank” (VTB Group) purchased 70% shares of the “Armsavingsbank” (“VTB-Armenia Bank”) in 2004.

In late August, the President of the “Mika Limited” Company Mikhail Baghdasarov said in an interview to Mediamax about his decision on selling 30% package of shares of the “VTB-Armenia” bank.

According to Baghdasarov, if the Russian “Vneshtorgbank”, 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 Baghdasarow said. He stated that the decision on selling the shares was 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.

In September, it became clear that Mikhail Baghdasarov holds negotiations with the Armenian “Sil” Concern on selling the 30% package of shares.