YEREVAN, March 25. / ARKA /. Russian-owned VTB Bank (Armenia) and Business & Finance Consulting (BFC) company have successfully completed a two-year cooperation, VTB Bank (Armenia) press office told ARKA in a press release.

According to it, a micro-crediting program has helped VTB Bank (Armenia) to move forward at the local market of small business financing. The project was implemented under the auspices of the European Bank for Reconstruction and Development (EBRD) and the technical support of BFC. During the project implementation from January 2009 to March 2011 a total of 1,233 loans totaling $ 13.6 million were extended. Compared with t2009 January the Bank’s lending to small and medium-sized businesses increased tenfold.

According to a press release, lending to small and medium businesses is one of the priorities of VTB Bank (Armenia). The Bank currently holds a leading position among commercial banks operating in the segment of small and medium-sized businesses.

Bank VTB (Armenia) CEO Valery Ovsyannikov was quoted as saying that the joint collaboration of the Bank and the BFC has allowed to quickly and successfully introduce a technology for lending to small and medium businesses.

‘BFC has provided technical assistance in the implementation and development of such important aspects as the development of human resources, establishment of the office for lending to small and medium-sized businesses, development of micro-credit, market analysis and introduction of new loan products, as well as strengthening of risk control at the stage of review. We thank BFC for fruitful cooperation and support," he said.

In turn, the founder and CEO of BFC Michael Kortenbusch highly appreciated the cooperation between the BFC and the Bank VTB (Armenia).

"Owning the largest branch network in Armenia, VTB Bank (Armenia) has enormous potential for further development in the area of lending to small and medium-sized businesses," he said.

Kortenbush added that to date the Bank has all the tools for efficient development of the office for SME lending, highly qualified specialists, developed structure, a broad product line, flexible system of working with clients that is key to an active and successful development.  -0-