YEREVAN, November 20. /ARKA/. VTB Bank (Armenia) reported today on the resumption of the construction of a residential building in downtown Yerevan, called Berd, saying in a press release that a developer Glendale Hills, a borrower of VTB Bank (Armenia), was declared bankrupt in 2015, failing to fulfill its credit obligations. As a result, the construction of a number of buildings, including Berd, was suspended.

VTB Bank (Armenia) said it received an offer from an investor IMC to purchase the building Berd, accomplish the construction and hand the apartments to their owners.

Tigran Astghiyants, head of IMC, thanked the bank for assistance. "Now we have the opportunity to complete the construction of the building on Argishti Street within 7-8 months and hand over the long-awaited apartments to their owners,” he said.

The CEO of VTB Bank (Armenia) Ivan Telegin added that the bank decided to sell the building to IMC company.

"This project has a great social significance, given that so many customers of Glendale Hills have been waiting for their homes for several years. We are pleased and hope that the owners of apartments will move into them as soon as possible ,”said Telegin.

VTB Bank (Armenia) CJSC became a participant of the international financial group VTB in 2004. Currently, VTB Bank, the second largest in Russia, owns 100% of VTB Bank (Armenia). The bank runs 67 branches across Armenia. -0-