VTB Bank (Armenia) announces new deposit product for legal entities

29.02.2012 14:53
VTB Bank (Armenia) announces new deposit product for legal entities

YEREVAN, February 29. /ARKA/. VTB Bank (Armenia) CJSC presents “VTB-Multi-currency” and “VTB- Multi-currency+” new deposits to its corporate clients, the bank’s press service reported to ARKA on Wednesday.

These deposits enable corporate clients to change the currency of savings thus minimizing appearance of currency risks and ensuring maintenance of funds, without terminating a deposit contract and keeping the earlier accrued interest on deposits, the press release says.“VTB-Multi-currency” and “VTB-Multi-currency+” deposits make it really possible to protect a company’s temporarily idle funds from exchange rate fluctuations.

Multi-currency deposit implies additional fund replenishment within the whole contract term.“Multi-currency deposit is a simplified investment instrument, which enables to gain increased interest income. Multi-currency deposit, as an investment instrument, is mainly supposed to serve the clients, who orient well in exchange rate fluctuations,” said Yury Gusev, Acting General DirectorChairman of the Bank’s Board of Directors.

He also said that these deposits minimize currency risks of ordinary deposits due to compensating the falling current rate of one currency to another, with exchange rate growth of the second currency to the first, thus diversifying and averaging the deposit results.Gusev also explained that any client, who uses new deposit product of VTB Bank (Armenia), will be able to minimize potential currency risks while making savings as well as insure a company’s funds from exchange rate fluctuations ensuring incremental income.VTB Bank (Armenia) CJSC is a member of international financial Group VTB since April 2004. Currently the second largest in Russia VTB Bank (OJSC) owns 100% of the shares of VTB Bank (Armenia). The bank traditionally ranks among the leaders of the banking system of RA in a number of key indicators. Now the Bank has the largest branch network in the country - 68 branches.—0--


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