VTB Bank (Armenia) to continue investing in mining sector of Armenia

19.04.2012 13:17
VTB Bank (Armenia) to continue investing in mining sector of Armenia

YEREVAN, April 19. /ARKA/. VTB Bank (Armenia) CJSC will continue investing in mining sector of Armenia, VTB Bank (Armenia) Acting General Director – Chairman of the Board of Directors Yury Gusev said Thursday at official opening of Agarak Copper and Molybdenum Combine’s new building.

He clarified that the bank is collaborating with the leading mining companies of Armenia and will further continue investing in this sector.

VTB Group has been already cooperating with GeoProMining companies within CIS maintaining synergies and multifaceted partnership.

The new building was constructed in the framework of the program on modernization of Agarak Copper and Molybdenum Combine. The building is equipped with the modern technology that ensures production growth and new job vacancies in Agarak, what is strategically important for Armenia.

Being a strategic partner of VTB Bank (Armenia) Agarak Copper Molybdenum Combine launched its modernization in December 2009 actively assisted by the bank.

Agarak Copper Molybdenum Combine (ACMC) CJSC, built 1958-1963, is located in Meghri area, south of Armenia. Ore deposits are located in seven, and processing workshop- in 3.5 kilometers from Agarak town. The factory operates in processing copper-molybdenum ore to produce copper and molybdenum concentrate. GeoProMining (GPM) owns ACMC since 2007.

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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