Yerevan /Mediamax/. Yerevan, April 29. /Mediamax/. “VTB Bank Armenia” continues consolidating its positions## in the banking market, the General Director of the Bank Valeri Ovsyannikov said this in Yerevan today, summing up the results of the activities for 2007 and the first quarter of 2008.

Mediamax reports that Ovsyannikov described as a “significant event” the increase in the end of 2007 of the authorized capital stock up to $46mln. Over $20mln, invested in the capital of the bank, is mainly directed to the expansion of funding of corporate customers, the General Director stated.

According to Valeri Ovsyannikov, this year the bank plans to strengthen its positions in the list of three leaders, and in the long-term prospect, to become the “absolute leader” of the banking system of Armenia.

In the end of 2007, the assets of the bank made 70bln drams (growth, as compared to 2006, made over 150%), the credit portfolio – over 40bln drams (growth over 145%).

In the first quarter of 2008, the assets of the bank made 85bln drams, the credit portfolio – over 45bln drams.

Valeri Ovsyannikov reminded that in the end of 2007, the bank made a decision to change the basic conditions for mortgage crediting - from now on the credits are issues for the term of 20 years, with the interest rate of 12% per year. The General Director noted that the bank also is elaborating “interesting” projects with builder-customers. Today the mortgage portfolio of the bank makes about $21mln, and it is planned to increase the volume of mortgage portfolio a few times by the end of the year and occupy the first place in the market, Valeri Ovsyannikov stated.

In the nearest future, the bank will take up the realization of the first part of the investment agreement with the “Electric Networks of Armenia” at the sum of $30mln.

Answering the question of Mediamax on the prospect of the bank’s participation in the management of pension savings, Ovsyannikov stated that the bank will participate in the tender on the pension reform.

Talking about the prospects of activity of the newly-established “VTB Leasing” leasing credit organization, Ovsyannikov stressed that besides large leasing programs, the Company will provide retail services as well. It is planned that by the end of the year the credit portfolio of the company without taking into account large investment programs will make $10mln.

3 branches of “VTB Bank Armenia” were granted diplomas of VTB Banking Group today. “Armavir” branch received a diploma in the nomination “Best branch as to financial indices”, “Echmiadzin” branch – in the nomination “The most dynamically developing branch”, and “Kapan” branch – in the nomination of the “Breakthrough of the year”.