Yerevan/Mediamax/. “Bank VTB (Armenia)” announced completion of a 2-year cooperation program for introduction of technologies for small and medium size business crediting with Business & Finance Consulting (BFC).

As Mediamax was told in the press service of “VTB Bank (Armenia), during the realization of the project, from January 2009 to March 2011, 1 233 loans totaling $13,6 million were extended.

“BFC Company provided technical assistance for the implementation and development of such
aspects as the development of staff potential, creation of management structure for small and medium-size business crediting, development of micro-credit, market analysis and introduction of new credit resources, as well as strengthening of control over risks at the stage of review,” “VTB Bank (Armenia)” CEO Valery Ovsyannikov stated.

According to assessments of BFC CEO Michael Kortenbusch, “having the largest branch network in Armenia, “VTB Bank (Armenia) has huge potential for further development in the sphere of small and medium size crediting.”

The project has been implemented under the aegis of the European Bank for Reconstruction and Development with the technical assistance of BFC.