YEREVAN, March 18. /ARKA/. The share of mortgage loans in total credit portfolio of “Bank VTB (Armenia)” is 20-25%, said Deputy General Director-Chairman of Directorate of Bank VTB (Armenia) cjsc Mher Grigoryan in the press-briefing in the international press-center “Novosti”.
Mortgage portfolio is complicated by its volatility related to the lack of long-term financial means in the banking system.
It creates stable client base for the bank. Mortgage clients are considered strategic clients who work with the bank for a long period of time.
Grigoryan spoke about the issue of stereotypes related to mortgage loans, particularly pawn-oriented and accessibility of credit product.
“Today it is very actual for the bank. Pawn in this product is secondary. No bank in Armenia wants to sell the pawn for the redemption of credit. It is inefficient and wrong”, said Grigoryan.
Cjsc “Bank VTB (Armenia)” became the participant of international financial group VTB in April 2004. At present, the second largest bank of Russia Open JSC “Bank VTB” possesses 100% shares of “Bank VTB (Armenia)”. The Bank is among the leaders of banking system of Armenia by its indicators. Currently the Bank has the largest branch network in the country – 68 branches. ($1- 369.62 drams). -0-
