Yerevan, June 14 /Mediamax/. President of Russian “VTB Bank” Andrey Kostin stated in Yerevan today that a program of the future development of “VTB-Armenia Bank”, which includes increase of its capitalization, is in the process of elaboration.

Mediamax reports that Andrey Kostin stated that by the end of the year, it is planned to bring “VTB-Armenia Bank” out to the first place in Armenia as to the volume of capital, to realize additional investments at the sum of $4mln to develop the branch network.

Andrey Kostin noted the importance of increasing the quality and the level of work of the branch network of “VTB-Armenia Bank”, which should function in a single “corporative style”.

He stressed that the banking products of “VTB-Armenia Bank” will also be improved. Andrey Kostin, in particular, singled out the necessity to correct the terms of providing mortgage credits, which are “too short-term”.

Head of the Armenian Central Bank Tigran Sarkisian expressed hope that in the nearest future “VTB-Armenia Bank” “will realize a breakthrough”, and that will promote the development of the banking sector of the country, and the investment programs of the bank will assist the economic growth of Armenia.