YEREVAN, May 11. /ARKA/. VTB Bank (Armenia) financed Vahan Yega Ltd. that plays a significant role for mining and metallurgical industry of Armenia, the bank’s press service reported ARKA.

According to the source, the funds will be injected into purchasing the most modern drilling equipment and technology, that will raise the work quality and volume at any weather conditions.
Vahan Yega Ltd. is a successor of Sotk Ega Ltd., that was founded in 1956 and has been involved in drilling works since then.

“Due to fifty years of experience and skills drilling can be made in the most difficult geological conditions,” the press release says..
All largest metallurgical companies, including Agarak Copper and Molybdenum Combine and Sagamar CJSC are amid the company’s clients.

“We attach great importance to the development of small and medium-sized business in Armenia, especially if it refers to strategically important sphere of the country. Without developing the related sectors it is impossible to raise competitiveness of Armenian metallurgical producers at the international market,” Acting General-Director at VTB Bank (Armenia) Yury Gusev said.
On his side, Vahan Yega CEO Varuzhan Avetisyan noted that the company welcomes cooperating with VTB Bank (Armenia) and expressed certainty that this deal is just a beginning of the effective collaboration.

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% stock  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—