ASSETS OF VTB BANK (ARMENIA) GROW 22.7% OVER 1ST Q TO AMD 84.9BLN

ARKA
April 30, 2008

YEREVAN, April 29. /ARKA/. Assets of VTB Bank (Armenia) has grown
22.7% over the first quarter to AMD 84.9bln, Valery Ovsyannikov,
general director and chairman of the directorial board of the bank,
said on Tuesday.

"The bank's credit portfolio reached AMD 45.1 billion after growing
12% over the quarter and liabilities totaled AMD 63.5 billion after
rising 31%", he said.

Ovsyannikov said that the bank ranked seventh to ninth on various
indicators in the previous year. Shareholders were unhappy about such
a result.

However, later that year and earlier this year the bank firmly occupied
the 4th position on assets, credit portfolio and liabilities.

Ovsyannikov said if things keeps running this way, the bank will be
among three leaders by late 2008.

VTB Bank Armenia (former Armenian Savings Bank) was established
in 1923.

Russian VTB Bank is the only shareholder of VTB Bank Armenia.

The bank's assets totaled AMD 69.1 billion, credit portfolio AMD 40.2
billion and liabilities AMD 48.4 billion.

VTB Bank Armenia has 89 branches in Armenia, provinces and
Nagorno-Karabakh Republic. ($1 = AMD 308.17).