YEREVAN, February 22. /ARKA/. The Retail Business Head Ivan Telegin will run VTB Bank (Armenia).

“The directorial board has made its decision and issued its recommendation, and we expect that after the central bank’s approval Ivan Telegin will take up the office as head of the bank,” Member of VTB Bank Management Board Vladimir Verkhoshinsky said at a news conference on Wednesday.

He said the decision had been made after long-lasting discussions to ensure continuity of the development.

Verkhoshinsky thanked Chairman of the VTB Bank (Armenia) Board of Directors Yury Gusev, who has worked in VTB Bank (Armenia) for nine years, of which six years as head of the bank.

“We, as parent bank, have always been happy about the results of BTV Bank (Armenia), which is one of pivotal banks, but unfortunately, Yury has decided to continue his career in Russia,” he said. “He will lead the Moscow business at Bank Otkritie.”

Verkhoshinsky praised the team of VTB Bank (Armenia).

"We have met the bank’s staff, held strategic session, I met with the management of the central bank and we discussed the development of the country’s banking sector, modern banking trends and the development of VTB Bank (Armenia),” he said.

He congratulated Telegin on his appointments expressing hope that he will justify the credit of VTB Group’s trust.

VTB Bank Armenia (Armenian Savings Bank before June 2006) 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 67 branches all over Armenia’s territory - the largest branch network in the country. VTB Bank (Armenia) is reckoned among leaders for general indicators. -0---