Liquidation of VTB Leasing is a technical decision: CEO

Banks

YEREVAN, December 27. /ARKA /. In order to optimize its businesses Russian VTB Group has made a strategic decision to implement leasing operations and transactions in Armenia through its subsidiary Bank VTB (Armenia), the latter said in a statement today.

“It is a technical decision that has no relation to VTB Group’s strategy on its leasing operations in Armenia,’ Valery Ovsyanikov, VTB Bank (Armenia) CEO was quoted as saying. He added that VTB Group intends to step up its leasing business in Armenia.

On December 27 the Central Bank of Armenia Council allowed to liquidate VTB Leasing closed joint stock company and invalidated its license.

Bank VTB (Armenia) joined the international financial VTB Group in 2004 April. Currently the second-largest government-owned Russian VTB Bank holds all 100 percent in Bank VTB (Armenia). The latter is one the leaders in Armenia’s banking sector and has 68 branches across the country, the largest network of bank branches in Armenia. -0-

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