Mon, 20 October
20.1 C
Yerevan
USD: 383.01 RUB: 4.73 EUR: 446.28 GEL: 141.40 GBP: 513.50

VTB Bank (Armenia) to sue Armenian newspaper for damaging its reputation

YEREVAN, November 13. / ARKA /. The Russian-owned VTB Bank (Armenia) has declined a report by a local newspaper Zhoghovurd (People) claiming that the bank owed five-month back wages to workers of Mika Cement plant in central Kotayk province, which it had bought in summer.

A story in this newspaper’s November 13 issue claimed that a plant worker died because of failing to get his five-month wages. VTB Bank (Armenia) said it will sue the newspaper for causing damage to its reputation.

The bank bought Mika Cement in 2013 July and immediately signed an agreement with it to provide it with funding to pay its debts, including wage arrears. Thanks to the funding Mika Cement resumed work that was brought to a halt because of accumulated debts. Relevant information was issued by the bank on July 18.

“Currently Mika Cement works in normal mode,’ the bank said.

VTB Bank (Armenia) is owned fully by Russian VTB Group. It runs 67 branches across Armenia, more than any other local bank. VTB Bank (Armenia) is the market leader by the number of issued international banking cards and runs its own processing center.-0-

spot_img

POPULAR

Ranking of the most profitable banks in Armenia based on results of second quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the second quarter of 2025.

Investor of the new era: how the capital management culture is changing in Armenia

Interest in investments in Armenia is growing, but it is too early to talk about an established capital management culture.

The UAE instead of Europe : why Armenia needs to change its approach to crypto regulation – EXCLUSIVE

The Armenian Forum on Cryptocurrency Assets, organized by the Cilicia Business Club, was recently conducted in Yerevan.

Net loan portfolio of Armenian banks in Q2 2025 increased by 6.11% to AMD 6.8 trillion

The combined loan portfolio of 17 Armenia-based commercial banks upped  by 6.11% in Q2 2025 compared to Q1 2025, amounting to AMD 6.82 trillion, according to a ranking compiled by  the ARKA news agency.

Armenia is experiencing an investment boom: opportunities, barriers and main misconceptions

Armenia's investment market is experiencing a period of active development: the number of issues is growing, digital technologies simplify access to financial instruments.

LATEST NEWS

spot_imgspot_imgspot_img