VTB bank (Armenia) not considering merger or other deal

Banks

YEREVAN, September 30. /ARKA/. VTB Bank (Armenia), a 100% subsidiary of Russian VTB Bank,  is not considering any merger or acquisition deal in Armenia now,  VTB24 Board Chairman Mikhail Zadornov told a news conference today in Yerevan, adding: “Never say never.”

Currently, there are 20 commercial banks operating in Armenia. In 2015 Inecobank acquired the 100% stake in German ProCredit Bank.

On August 24, 2016 the Central Bank registered the deed of transfer, and approved the updated charter of Armeconombank, according to which BTA Bank terminated its activities while Armeconombank becomes its legal successor. -0-

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