YEREVAN, October 8, /ARKA/. Reiffeisenbank Austria, a leading corporate and investment bank in Austria, a long-time partner of Bank VTB Armenia has set for it a 3 million euro limit for carrying out documentary operations, Bank VTB Armenia told ARKA. It said this has given it an extra opportunity to carry out documentary operations for a term of 180 days without withdrawing cash assets.

“This means that Bank VTB Armenia will offer its clients involved in foreign economic transactions letters of credit and guarantees at more profitable terms,’ the bank said in a statement.

Mary Mamikonian, director of the department in charge of corporate businesses, was quoted as saying that the bank offers its clients all necessary conditions for successful businesses - import and export letters of credits, bank guarantees and trade financing.

‘Our bank opens all types of irrevocable letters of credit in favor of external beneficiaries,’ she said.

She said the bank uses extensively the opportunities of VTB Bank Group which is a member of the International Commerce Chamber. The limit offered by Raiffesenbank Austria underlines its trust in Bank VTB Armenia, she added.

Bank VTB Armenia (previously Armenian Savings Bank) is fully owned by Russian Bank VTB. Bank VTB Armenia is one of the leading Armenia-based banks in terms of major indicators. It has the largest network of branches in Armenia.  -0-