YEREVAN, May 17. / ARKA /. VTB Bank (Armenia) has decided to lower interest rates on lending to large and medium-sized businesses, the bank’s press service told ARKA news agency Monday.

"Legal entities and individual entrepreneurs engaged in core activities in the territory of Armenia with a least gross annual revenues of 1 billion Drams can get business loans with effective interest rate of 10% per annum," the press office said in a statement.

According to the bank, VTB Bank (Armenia) will offer short, medium and long-term credit instruments.

VTB Bank (Armenia) became a member of the international financial group VTB in April 2004. VTB is the second largest bank in Russia VTB Bank owing 100% stake in VTB Bank (Armenia). The Bank has traditionally been a leader in the banking system of Armenia in a number of key indicators. The Bank now owns the largest branch network in the country - 68 branches. - 0 –