Share of Bank VTB (Armenia) in individual deposits market enlarged from 8.7% to 9.3% in 2011

28.03.2012 18:44
Share of Bank VTB (Armenia) in individual deposits market enlarged from 8.7% to 9.3% in 2011

YEREVAN, March 28./ARKA/. Bank VTB (Armenia) has upgraded its rank in individual deposit attraction rating by enlarging its share in this segment of market from 8.7% to 9.3% in 2011.

“Bank VTB (Armenia) continued its aggressive expansion in various segments of retail business and upgraded its position in Armenia’s retail services market from third to second rank,” the bank’s press office told ARKA News Agency.

As a result, the total amount of deposits reached AMD 79.5 billion in late December 2011 after growing 35.9% over the year.

Individual deposits grew 28.9% over the year to AMD 47.1 billion and legal entities’ deposits totaled AMD 32.5 billion in late Dec 2011.

The bank also expanded the range of products and services in 2011 – it issued new types plastic cards, offered new kinds of consumer loans and car loans as well as new ways of money transfers.

Relative growth of individuals’ was 28.9% and absolute growth AMD 10.6 billion in 2011.
Loans extended to individuals grew 44% or by AMD 15 billion to AMD 48.8 billion.
The bank, with its 12.59-percent share in this market, ranked second here.

Updated products on all the types of individual lending were offered in 2011.
“The bank’s retail business in 2011 was focused not only on enlargement of deposit and loan portfolios and enhancement of effectiveness of retail services, but also on expansion of the range of products and development of alternative channels of sales,” the press release says.

Bank VTB (Armenia) also retained its leading positions in corporate banking business. The bank accounted for 11% of the corporate lending market in 2011.

The bank provides services to all the categories of corporate clients all over the country.

Bank VTB (Armenia) joined VTB financial group in April 2004.
Now Bank VTB, the second biggest bank of Russia, holds 100% of the bank’s shares. ($1- AMD 389.22). -0–


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