YEREVAN, April 7. /ARKA/. The Yerevan-based VTB Bank (Armenia) described  reports in some news media outlets alleging that it was collecting intelligence for Azerbaijan as  'a lie,' that denigrates  the reputation of the bank and misleads Armenian residents.

"The authors of these insinuations shamelessly used a dramatic moment in the political life of Armenia, capitalizing on the sincere feelings of the Armenian people," the bank said in a statement.

"Allegations by dubious portals that VTB Bank (Armenia), which is a 100% subsidiary of Russian VTB, whose 3%  is owned by Oil Fund of Azerbaijan, is causing harm to Armenia and serves as intelligence gathering center in favor of Azerbaijan are stupidity and nothing else,"  the statement says.

According to the statement, these blatant allegations misleading   Armenians also threaten the financial stability of the country.

"If these allegations, damaging the business reputation of VTB Bank (Armenia) and misleading the  citizens of Armenia continue, we reserve the right to take the necessary legal measures, including prosecution,  to protect our  rights, interests and the reputation,' it says.

VTB Bank (Armenia) runs 67 branches in Armenia. -0-