YEREVAN, November 2. / ARKA /. VTB Bank (Armenia) plans to complete the reconstruction of the entire branch network till the end of 2010, deputy director general of Bank VTB (Armenia) Mher Grigoryan told reporters on Friday in Masis.

"Until the end of 2010, all branches of Bank VTB (Armenia) will be renovated and modernized in accordance with modern requirements, including in terms of technical equipment," Grigoryan said.

He noted that as of today the bank operates 74 branches throughout Armenia, from which more than 30 are universal, and the rest are a mini-branches.

According to him, mini-branches mainly provide current payment and settlement services, and the universal ones are ready to provide all kinds of services, including lending.

Bank VTB (Armenia) (Armsavingsbank before June 20 2006) joined the VTB Group in April 2004. Currently the bank VTB is the full owner of Bank VTB (Armenia) closed joint stock company.

By the end of March 2009, the bank’s assets had totaled 105.8bln Drams (7% increase against Q4 2008), credit portfolio – 74.2bln Drams (5% increase), total liabilities – 81.9bln Drams (9% increase), liabilities to clients – 33.3bln Drams, total capital - 23.9bln Drams, authorized stock – 13.9bln Drams; net losses were 136mln Drams in January-March 2009. –0--