Baghdasarov solds VTB baNk (Armenia) shares “at right moment”
28.07.2007,
03:46
The Armenian businessman Mikhail Baghdasarov thinks that he has sold his share in the Bank VTB (Armenia) “at the right moment and on good terms”.
YEREVAN, July 27. /ARKA/. The Armenian businessman Mikhail Baghdasarov thinks that he has sold his share in the Bank VTB (Armenia) “at the right moment and on good terms”.
“The reason for the sale of 30% minus one share that belonged to me is AMD revaluation and disagreement with the policy implemented by the Bank VTB (Armenia),” Baghdasarov said.
He believes that the bank did not implement the right policy, but the new managers laid down the right program. “On our part, we will help the bank through our accounts at the Bank VTB (Armenia),” he said.
He pointed out that the possibility of sale of the rest 30% was first agreed on during the sale of 70%, Secondly, “30% of shares do not influence the bank’s activities.” According to Baghdasaryan, the funds received from the sale of shares will be invested in the Armavia Airline.
Baghdasarov did not rule out the possibility of his returning to Armenia’s banking sector. “For the time being, we are not remaining in the banking sector, which, however, does not mean we cannot return. We may sell a company and purchase a bank tomorrow,” Baghdasarov said.
On July 25, 2007, the Bank VTB purchased the rest 30% minus one share from the Mika Armenia Trading Ltd owned by Mikhail Baghdasarov, thereby becoming an exclusive owner of its daughter bank in Armenia – Bank VTB (Armenia) CJSC.
According to the official balance sheet, by June 30, 2007, the capital of the Bank VTB (Armenia) had totaled AMD 9.4bln, authorized capital AMD 7.5bln, total assets AMD 38.2bln, balance profit AMD 1.5bln, profit AMD 64.7bln (in the 1st half of 2007). At present the bank has 91 branches. P.T. --0--
“The reason for the sale of 30% minus one share that belonged to me is AMD revaluation and disagreement with the policy implemented by the Bank VTB (Armenia),” Baghdasarov said.
He believes that the bank did not implement the right policy, but the new managers laid down the right program. “On our part, we will help the bank through our accounts at the Bank VTB (Armenia),” he said.
He pointed out that the possibility of sale of the rest 30% was first agreed on during the sale of 70%, Secondly, “30% of shares do not influence the bank’s activities.” According to Baghdasaryan, the funds received from the sale of shares will be invested in the Armavia Airline.
Baghdasarov did not rule out the possibility of his returning to Armenia’s banking sector. “For the time being, we are not remaining in the banking sector, which, however, does not mean we cannot return. We may sell a company and purchase a bank tomorrow,” Baghdasarov said.
On July 25, 2007, the Bank VTB purchased the rest 30% minus one share from the Mika Armenia Trading Ltd owned by Mikhail Baghdasarov, thereby becoming an exclusive owner of its daughter bank in Armenia – Bank VTB (Armenia) CJSC.
According to the official balance sheet, by June 30, 2007, the capital of the Bank VTB (Armenia) had totaled AMD 9.4bln, authorized capital AMD 7.5bln, total assets AMD 38.2bln, balance profit AMD 1.5bln, profit AMD 64.7bln (in the 1st half of 2007). At present the bank has 91 branches. P.T. --0--
