VTB bank (Armenia) opens renewed branch in Armavir
YEREVAN, December 14. /ARKA/. A renewed branch of VTB Bank (Armenia) has opened in Armavir.
“This branch is one of the biggest branches in our network. That’s why it was one of the first branches we decided to repair”, Valeri Ovsyannikov, the bank general director and directorial board chairman, said Friday at the branch presentation in Armavir.
He said that the bank will repair branch network in Yerevan before the end of this year and all regional branches in 2008.
The banker also expressed hope that investment projects will appear in Armavir. He hopes these projects could take part in investment business development in this province.
Ashot Ghahramanyan, Armavir province governor, said that presence of a strong rival in the region will spur competition among other players.
He said that provincial authorities will open account in the new branch.
VTB Bank (Armenia) has 89 branches in Armenia’s all provinces.
Of them, 36 operate in Yerevan and 53 in provinces.
VTB Bank (Armenia), former Armenian Savings Bank, was established in 1923.
The bank was a part of the Soviet Union’s State Savings Bank before 1993. Later, it became a specialized Savings Bank of Armenia.
In 2001, the bank was privatized as Armenian Savings Bank through direct sale to ARCH Limited (Bahamas) and MIKA Armenia Trading.
In April, 2004, Russian Vneshtorgbank acquired 70+1 shares of Armenian Savings Bank and became the sole owner of 100-percent package of VTB Bank (Armenia) shares from July 2007. M.V.-0---
