VTB Bank (Armenia) to Enter Armenia’s Loan Market in 2009

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11.09.2008, 01:29

Valeri Ovsyannikov, General Manager of VTB Bank (Armenia), stated on Monday the bank intends to enter Armenia’s loan market in 2009.

YEREVAN, September 10. /ARKA/. Valeri Ovsyannikov, General Manager of VTB Bank (Armenia), stated on Monday the bank intends to enter Armenia’s loan market in 2009.

“We believe we should enter market with a sufficient amount of funds, but we are not sure the market is ready to absorb this amount now,” Ovsyannikov said. He pointed out that it is at least $20-30mln.

The bank intends to enter Armenia’s loan market as “a trial balloon”.

“We would like to work the plan through and, maybe, raise a loan but it is a next-year issue and it will depend on the market,” Ovsyannikov said.

The VTB Bank (Armenia) CJSC (Armsavingsbank CJSC until June 20, 2006) has been a VTB Group member since April 2004. VTB Bank is sole owner of VTB Bank (Armenia) CJSC.–0--

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