YEREVAN, August 12. /ARKA/. A study conducted by the Institute of Political and Sociological Consulting (IPSC) in Armenia’s capital city of Yerevan and four major cities found the Russia-owned VTB Bank (Armenia) to be the most recognizable bank across the country, the bank said in a press release today.

Some 1,200 people were surveyed. The respondents were asked questions regarding the so-called Top of Mind awareness, a brand or specific product coming first in customers' minds when thinking of a particular industry. The study also included other questions allowing to reveal the overall situation regarding the image of Armenian banks, the level of customer confidence in them, etc.

The results of the survey conducted in December 2013 show that Top of Mind awareness indicator of VTB Bank (Armenia) is higher than other Armenia-based banks' indicators. The bank's Top of Mind indicator rose 2% in Yerevan and almost 6% in provincial cities, compared with the previous survey conducted in July 2013. The total index in all the cities stood at 56.9% in December 2013 showing that VTB Bank (Armenia) has outdone its nearest rival by 15.6%. The bank's activity was ranked highly by the largest number of respondents – 61.4% of them marked it at 7 to 10 points.

VTB Bank (Armenia) remains the leading bank by number of customers using its mass services who view it as the most reliable bank of the country. This indicator is 20.4%, almost two times higher than that of the nearest competitor.

VTB Bank (Armenia) CEO Yuri Gusev was quoted in the press release as saying that the bank not only retained its leadership in the fresh survey, but even improved all the indicators.

“We successfully continue our business developing and image shaping strategy and will dynamically develop also in the future, achieving our goals,” he said.

VTB Bank Armenia joined VTB Group in April 2004. VTB, the second largest bank of Russia, holds 100% of shares of VTB Bank (Armenia). VTB Bank (Armenia) has 69 branches all over Armenia’s territory - the largest branch network in the country. VTB Bank (Armenia) is traditionally reckoned among leaders for general indicators. -0---