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VTB Bank (Armenia) To Enter Armenia's Loan Market In 20

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  • VTB Bank (Armenia) To Enter Armenia's Loan Market In 20

    VTB BANK (ARMENIA) TO ENTER ARMENIA'S LOAN MARKET IN 2009

    ARKA
    Sep 10, 2008

    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.
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