YEREVAN, April 28, /ARKA/. VTB Bank Armenia plans to ensure a 15-20% growth of major indicators this year, Valery Ovsyanikov, its board chairman, said at a news conference today. According to him, the Russian-owned bank does not differ from other local commercial banks, being well capitalized in terms of risks and reserve possibilities

“On the other hand enjoying the support of Russian VTB Bank, that helps and will help us always, our financing capacities are greater,’ he said.

‘The main problem we are facing is what we call ‘quality’ corporate borrows. Risks have grown and many companies, first of all export-oriented are experiencing dire times,’ he said.

Valery Ovsyanikov said VTB Bank Armenia plans to reduce interest rates on deposits in US Dollars from 1.5 to 2%. According to him, current interest rates on deposits in Drams are quite attractive and despite the economic crisis and Dram’s devaluation, VTB Bank Armenia managed to attract new deposits in Drams both form individual and corporate clients.

VTB Bank Armenia (previously Armenian Savings Bank) was acquired in 2004 by Russian VTB Group. As of March 31, 2010 its total assets were worth 125.6 billion Drams, liabilities stood at 99.8 billion Drams, the total capital stood at 25.8 billion Drams, the chartered capital was worth 13.9 billion Drams, credit investments grew to 74.7 billion Drams, and the net profit in Q1 was 669.6 million Drams. It has 68 branches across Armenia.($1- 388.81 Drams).  -0-