YEREVAN, November 11. /ARKA/. Ceremony of presentation of modernized branch of CJSC “Bank VTB (Armenia)” ”Gyumri” took place on Tuesday in Gyumri.

“Gyumri is a very important city from the point of view of banking services. I hope that our branch will become one of the leading banks from the point of view of banking services and products”, said Valeri Ovsyannikov, General Director, Chairman of Board of Directors of Bank VTB (Armenia) during the opening of the branch. He said that in 2009 quality revolution took place in branch network of Bank VTB (Armenia).

During the last two years the monetary means were directed at the repair and equipment of modernization of the branches and representation offices of the Bank, for which we spent about $5-6 million. We renovated the old branches and not built new ones. “We do not open new branches. We already have the largest branch network in Armenia.

We try to make this branches universal and provide maximum specter of services”, said Ovsyannikov. The aim of modernization of the branches is funding of regional network for the support of local enterprises, particularly small business, as well as development of other banking technologies and services. Shirak Marz Governor (center Gyumri) Lida Nanyan expressed hope that the activity of the branch “Gyumri” Bank VTB (Armenia) will support economic development of the given region and its regional center – city Gyumri.

Branch “Gyumri” Bank VTB (Armenia) renders broad specter of universal banking services to population. It serves about 20 thousand clients monthly and has about 3.5 thousand card-holders. The branch has about 5 thousand accounts of clients, including 2000 pensioners. CJSC “Bank VTB (Armenia)” (CJSC “Armsavingsbank” till June 20, 2006) became the participant of VTB group in April 2004. At present, Bank VTB possesses 100% of shares of CJSC “Bank VTB (Armenia). As of October 1 Bank VTB (Armenia) has the largest branch network in Armenia (74 branches). -0-