YEREVAN, October 26. /ARKA/. VTB Bank (Armenia) intends to activate its performance in medium-sized business segment, Yuri Gusev, General Director – Chairman of the Board of Directors at VTB Bank (Armenia), told ARKA correspondent on Friday.
“In general, if we speak about the operation of our bank, we can, unfortunately, highlight a particular segment, where we have not been really effective and active. I am speaking about medium-sized business, and VTB group’s strategy is to be more active in this segment,” he told journalists.
At present, VTB Bank(Armenia) is discussing with the colleagues from VTB Bank’s subsidiary companies department some new proposals related to this segment for the next year, he added.
“They will be some new interesting instruments, and as it is a very competitive market, we will seek to make decisions within a shorter period of time, as well as be flexible in evaluating borrowers and risks,” Gusev clarified.
VTB Bank (Armenia), according to Gusev, is successful in retail lending.
“Currently, we are thinking over introducing another instrument into the consumer lending: mini credits,” he said revealing no further details.
Lowly developed financial management results in only $1-3 million in credits for the medium-sized business, he added.
“As a result, there is no transparency in reporting system. It makes us change our procedures, take more risks and ponder over their minimization.”
On his side, head of subsidiary companies division, senior vice president at VTB Bank Mikhail Yakunin said the new strategy will foster filling the Armenian market with new products, which are already available either in Western countries, or, partially, in Russia.
“I would like to note, that we plan to develop products in both, retail segment, and corporate, including factoring and other products,” he clarified.
VTB Bank (Armenia) became a member of VTB international financial group in April 2004.
Currently, it is fully owned by Russian VTB Group, the second largest bank in Russia. It is listed in top 3 banks in Armenia. It has 69 branches in Armenia, more than any other bank. -0
