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VTB TO FORM LEASING SUBSIDIARY IN ARMENIA
Russia & CIS Business and Financial Newswire
December 10, 2007 Monday 4:02 PM MSK
Russia's VTB (RTS: VTBR) group will soon create a leasing company in
Armenia, Andrei Kostin, the VTB chairman, told reporters in Yerevan
on Saturday.
The Armenia-based leasing firm will be a 100% subsidiary of VTB
Leasing, which already operates in Russia and Ukraine, said Valery
Ovsyannikov, the director of VTB Armenia.
"We expect [the new leasing] company to start operating at the end
of this year or early next year," Ovsyannikov said.
Ovsyannikov said the new leasing firm's plans might include acquiring
SSG-100 planes from Sukhoi Civilian Aircraft: VTB is already making
$55 million-$60 million available to supply the Armavia airline with
two SSG-100 on leasing terms in 2008.
The leasing company might also provide equipment for mining and
metallurgical company Armenian Copper Programme (ACP) to build a
$300-million mining and concentrating plant at the Tekhut copper-
molybdenum field.
VTB Leasing's leasing portfolio had risen to $2.4 billion at the end
of the first half of 2007, from $1.24 billion at the end of 2006.
The company signed a deal to lease rolling stock with Ukraine's state
railway in 2007.
Russia & CIS Business and Financial Newswire
December 10, 2007 Monday 4:02 PM MSK
Russia's VTB (RTS: VTBR) group will soon create a leasing company in
Armenia, Andrei Kostin, the VTB chairman, told reporters in Yerevan
on Saturday.
The Armenia-based leasing firm will be a 100% subsidiary of VTB
Leasing, which already operates in Russia and Ukraine, said Valery
Ovsyannikov, the director of VTB Armenia.
"We expect [the new leasing] company to start operating at the end
of this year or early next year," Ovsyannikov said.
Ovsyannikov said the new leasing firm's plans might include acquiring
SSG-100 planes from Sukhoi Civilian Aircraft: VTB is already making
$55 million-$60 million available to supply the Armavia airline with
two SSG-100 on leasing terms in 2008.
The leasing company might also provide equipment for mining and
metallurgical company Armenian Copper Programme (ACP) to build a
$300-million mining and concentrating plant at the Tekhut copper-
molybdenum field.
VTB Leasing's leasing portfolio had risen to $2.4 billion at the end
of the first half of 2007, from $1.24 billion at the end of 2006.
The company signed a deal to lease rolling stock with Ukraine's state
railway in 2007.