YEREVAN, May 21. / ARKA /. VTB Bank (Armenia) plans to increase its retail loan portfolio by another 15 percent this year to 115 billion drams, its CEO, Yuri Gusev, told a news conference today .
"Now the retail lending has reached 100 billion drams having nearly doubled over the last two years, and I think that before the end of the year we will grow it by another 15% to 115 billion drams by offering the full range of our services," he said.
Speaking about point of sale (POS) lending, he said the bank's share at this market is estimated at above 30 % , which is very important given the increasing competition in this segment of the market.
"The competition is intensifying. Now it is impossible to run a banking business by exploiting the model of corporate bank only. The share of corporate business is reducing and many banks are now engaged in POS lending. This is an interesting market, which requires some investment and knowledge. On the other hand we feel quite comfortable at this market and know what we should do to meet the competition," he said.
Vsevolod Smakov, a senior official from Russian bank VTB24, praised VTB Bank (Armenia) for making tangible progress in increasing its retail lending.
Leto Bank (VTB Group) chairman Dmitry Rudenko, Vsevolod Smakov and other senior officials from the Russian VTB Group have arrived in Armenia to attend a concert by a Russian ethno-singer Pelageya in Yerevan, organized by VTB Bank (Armenia).
VTB Bank (Armenia) is owned fully by Russian VTB Group. It runs 67 branches in Armenia, more than any other bank. ($ 1 - 412.89 drams). -0-