VTB Group became the full owner of “VTB-Armenia Bank” CJSC

26.07.2007 | 16:55 Home / News / News /

Yerevan, July 26 /Mediamax/. 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.

Mediamax reports that this is said in the official release of VTB.

The statement notes that “business development of “VTB-Armenia Bank” provides for the further extension of funding of Armenian economy”. The development plans include: reaching 20% share of the market in the sphere of crediting of corporative customers and 15% - on attracting resources from legal entities and individuals.

“The next important step in realization of the development strategy of “VTB-Armenia Bank” will become the increase of the volume of its authorized capital stock twice, which will assist the enlargement of investment opportunities of the bank and the further consolidation of competition positions of VTB Group on the Armenian market of banking services”, the statement reads.

Mediamax recalls that the owner of “Mika Armenia Trading” Company Mikhail Baghdasarov for the first time stated his intention to sell the 30% shares of “VTB-Armenia Bank”, belonging to him, in August of 2006. Mikhail Baghdasarov stated in an interview to Mediamax that the decision on selling the shares is conditioned by some disappointments by the results of the work 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 then.

In November of 2006, Mikhail Baghdasarov stated that he held talks on selling the 30% shares of the “VTB-Armenia Bank” with the Russian VTB Group and the Armenian SIL Concern. Baghdasarov noted then that he would choose the buyer, who offered the highest price.

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