Prime-Tass English-language Business Newswire
March 24, 2004
VTB finalizes deal to buy 70% of Armenia’s Armsberbank
MOSCOW, Mar 24 (Prime-Tass) — Major state-owned Russian bank
Vneshtorgbank (VTB) has finalized the deal to purchase a 70% stake in
Armenia’s savings bank Armsberbank, one of the largest in the
country, VTB’s press service reported Wednesday.
The purchase came as a planned step in the implementation of VTB’s
development program, which envisages the creation of a subsidiary
chain in Europe and the CIS, the press release stated.
Armsberbank, with its broad chain of branches and developed client
base, including small and middle-sized businesses, will serve as a
starting point for VTB’s further expansion to Armenia’s banking
sector.
Up until now, the bank was fully owned by the MIKA Armenia Trading
company.
As of end-September, 2003, Armsberbank’s own capital totaled 2.652
billion drams, and pre-tax profit amounted to 181.1 million drams in
January-September.
(561.55 drams – U.S. USD 1) End