VTB Bank (Armenia) outstanding loan portfolio to SME reaches 50 billion drams
10.04.2013,
21:46
The amount of outstanding loans provided by Russian-owned VTB Bank (Armenia) to Armenia’s small and medium-sized businesses stands currently at 50 billion drams, its chief executive officer, Viktor Gusev, told a news conference today.
YEREVAN, April 10. / ARKA /. The amount of outstanding loans provided by Russian-owned VTB Bank (Armenia) to Armenia’s small and medium-sized businesses stands currently at 50 billion drams, its chief executive officer, Viktor Gusev, told a news conference today.
He said the figure makes 30% of the bank’s overall outstanding loan portfolio, in which 50 percent of loans are provided to corporate clients. Gusev said historically VTB Bank has been more focused on big business, but now the Bank will be more attentive to lending to SMEs.
Mr. Gusev said also some $10 million have been provided to finance five projects as part of a $15 million loan agreement to stimulate SME signed last December by VTB Bank (Armenia) and the Eurasian Development Bank (EDB). He said the remaining $5 million will be made available before the end of April and then VTB Bank (Armenia) will ask EDB for another funding.
VTB Bank (Armenia) is owned fully by Russian VTB Group. It runs 69 branches across Armenia, more than any other local bank. ($ 1 - 418.31 drams). -0-
