YEREVAN, March 30, /ARKA/. As part of digital transformation and streamlining of processes, VTB Bank (Armenia) entered into an agreement to sell about 11% of its retail loan portfolio to Ardshinbank CJSCб the press service of the bank said today. It said  the deals amounts to 24 billion drams.

VTB (Armenia) said it maintains its positions in the banking sector of Armenia, and continues to provide the main types of financial services and fulfills all obligations to customers and partners.

‘The Bank continues to work with clients and increases its presence in key segments of the banking market of the country. Employees of more than 3,000 companies receive their wages with our bank cards and, as a result, enjoy preferential terms for key retail products. Over 600 retail outlets throughout the country are partners of VTB (Armenia) in the field of consumer lending. The Bank develops cooperation with car dealerships and construction companies, due to which borrowers receive special conditions when purchasing apartments and cars on credit. One of the popular products that VTB (Armenia) customers actively use is a loan for individuals secured by gold items, within which the bank develops profitable offers for the client segment,’ the Bank said.

“The bank's priority strategic tasks now are to optimize business processes and improve remote service systems. In this regard, it was decided to transfer part of the retail loan portfolio to Ardshinbank CJSC. As part of this update, the bank plans to launch high-tech products, attract new client segments and strengthen its competitive position in the Armenian banking market. Currently, VTB Bank (Armenia) is working on the launch of Mir and UnionPay payment cards,” said Ivan Telegin, CEO and Chairman of the VTB Bank (Armenia) Board of Directors.

From March 28, 2022, the acceptance of payments and full servicing of the transferred loan agreements of individuals issued by VTB (Armenia) are carried out at Ardshinbank. Bank customers whose contracts will be transferred to Ardshinbank will receive notifications by SMS and e-mail. The current terms of the agreement, including the interest rate, loan terms and other loan parameters remain unchanged for the clients of VTB Bank (Armenia) and remain legally valid. Additional information can be received  by calling the bank's contact center at 87-87.

The activities of VTB Bank (Armenia) CJSC are regulated by the Central Bank of the Republic of Armenia. ($1 - AMD 487.77) -0-