YEREVAN, October 26. / ARKA /. VTB Bank (Armenia) said today it has raised its authorized capital to 37.8 billion drams. According to a press release, VTB Bank plc (the Russian parent company) has bought the entire additional issue of shares by VTB Bank (Armenia) in the amount of 17 billion drams.

As a result, the authorized capital of VTB Bank (Armenia) has risen to 37.8 billion drams. VTB Bank plc holds the 100% of VTB Bank (Armenia) shares.

The additional capitalization of VTB Bank (Armenia) is made in accordance with a decision, made in July.

VTB Bank (Armenia) believes that the move will contribute to the strengthening of the bank's position in Armenia’s banking sector. VTB Bank (Armenia) is entirely owned by VTB Bank. It runs 67 branches in Armenia. ($1 – 470.74 drams). -0-