YEREVAN, February 15. /ARKA/. VTB Bank (Armenia) said today that in 2018 it forgave its individual customers some 3 billion drams worth penalties and fines.

The bank said that all the customers with overdue loans were asked to conclude new settlement agreements for the remaining amount of the debt. They were offered new repayment schedules for up to 5 years for the following types of loans: cash loans without collateral, cash loans secured by real estate, POS loans, credit lines, loans secured by gold items and credit cards.

A mandatory condition for forgiving penalties and fines was the presence of more than 271 overdue days, recognition of loans hopeless as of 31.05.2018, making the first payment on a new schedule at the time of the conclusion of the settlement agreement.

As a result, in 2018, VTB Bank (Armenia) wrote off penalties and fines for more than 4,600 loans of 4,000 customers.

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). -0-