YEREVAN, December 1. /ARKA/. “Bank VTB (Armenia)” financed one of the leaders in the sphere of service provision of broadband access to Internet and data transfer – the company “Armenian Datacom Company” (ADC), press-service of the Bank informed ARKA News Agency.
According to the press-release, within the credit limit will be financed expenses for purchasing and modernization of the main assets of the company, as well as completion of merging of “Armenian Datacom Company” with one of the large participants of telecommunication market.
This financing will allow ADC to increase the quality and expand the specter and geography of services provided by corporate and retail clients.
“In the implementation of the deal, the team of Bank VTB (Armenia) has been actively cooperating with different specialists of ADC which allowed to totally assess the business of the company and provide non-standard approach to the structure of the deal”, said General Director-Chairman of Directorate of “Bank VTB (Armenia) Valeri Ovsyannikov.
He said that Bank VTB (Armenia) considers the sphere of telecommunications priority and strategic segment of the Armenian economy where financial organizations also should show a qualitatively new level of interaction and financing of clients.
Board of Directorate of ADC Khazhak Karayan said that the company is happy to sign this agreement with “Bank VTB (Armenia)” with which it has actively cooperated in the process of conducting full review of its historical indicators and future expansion strategy.
“Operational income of ADC in the last months ensured “Bank VTB (Armenia)” for the provision of necessary financing. In signing this agreement, Bank VTB (Armenia) takes the initiative of further development of growth engines of Armenian economy”, he said.
CJSC “Bank VTB (Armenia)” operates since 2004 (from June 2006 under VTB brand) on the basis of the license on conducting banking activity № 64 as of 31.10.1996 provided by the Central Bank of Armenia. The Bank became participant of international financial group VTB in April 2004. Currently it is the second largest in Russia, VTB Bank (CJSC) owning 100% of shares of “Bank VTB (Armenia)”. The Bank is traditionally within the number of leaders of the banking system of Armenia by a number of key indicators. The Bank owns the largest branch network in the country – 68 branches as of September 30, 2011, including 24 – in Yerevan.—0–
