YEREVAN, March 21. / ARKA /. VTB Bank (Armenia) has raised its authorized capital to 20.8 billion drams after buying the entire issue of additional shares worth 7 billion drams, the Russian-owned bank said in a news release.

The bank is owned fully by Russian VTB Bank. It said an increase in its equity will help maintain the pace of growth, boost lending as well as expand its branch network.

"VTB Bank (Armenia) is showing steady growth. On December 31, last year the bank's assets amounted to 303.6 billion drams, which was 90.5 billion drams more than in late 2012," the bank’s CEO, Yuri Gusev, was quoted as saying.

Senior vice president of VTB Bank Mikhail Yakunin was quoted as saying that the increase in the authorized capital of the bank will support growth, obtained in the previous years and make the bank a leader in Armenia not only in terms of active transactions, but also in terms of equity size.

"Currently, VTB Group is working out a new development strategy that will detail further plans for the development of subsidiary banks , including VTB Armenia," he added.

VTB Bank (Armenia) runs 67 branches in Armenia, more than any other local bank. ($ 1 - 414.99 drams). -0-