Armenian govt to support Russian bank’s projects

ITAR-TASS News Agency
March 24, 2004 Wednesday

Armenian govt to support Russian bank’s projects

By Tigran Liloyan


The Armenian government confirmed its readiness to support all
efforts of Russia’s Vneshtorgbank to develop the financial and
banking system in this Transcaucasian country.

Vneshtorgbank has acquired the controlling block of shares in
Armenia’s savings bank, Armsberbank.

Armenian Prime Minister Andranik Margaryan said after a meeting with
Vneshtorgbank CEO Andrei Kostin on Wednesday that it was the first
example of official participation of a Russian bank in the Armenian
banking system.

Margaryan believes that the deal will strengthen traditional economic
ties and trade between Armenia and Russia, the government press
service told Itar-Tass.

Kostin said Vneshtorgbank would take serious steps to develop
Armsberbank, to improve the quality of services to the population,
encourage investment programmes, and boost bilateral economic and
trade ties.

According to Kostin, political stability in Armenia, economic growth,
the government’s economic policy, and liberal banking legislation
bode well for these efforts.

In his view, Vneshtorgbank’s operations in Armenia will help boost
public trust in the Armenian banking sector.