YEREVAN, July 15. /ARKA/. VTB (Armenia) CEO and Chairman of Board of Directors Ivan Telegin will resign July 18 due to family circumstances after holding this position since February 2018, the bank's press service said in a statement today.

"Under the leadership of Ivan Telegin, VTB (Armenia) has managed to become one of the strongest banks in Armenia, significantly increasing its presence in key segments of the local financial market. Over these years, a professional team has been created that has managed to implement the strategic initiatives of VTB Group and achieve record profits. Suffice it to say that today every third bank client in the country is served by VTB (Armenia). We are grateful to Ivan and wish him every success in his future professional activities," said VTB Deputy President and Chairman of the Management Board Denis Bortnikov.

VTB (Armenia) will continue its development as a priority regions for VTB Group. Bank products and services are available to retail and corporate customers.

VTB (Armenia) intends to continue its involvement in key government programs and to launch innovative solutions to support the development of the entire Armenian financial market, including the digital business.

VTB Bank (Armenia) runs over 60 branches offices throughout the country, more than 200 ATMs and about 120 service terminals.

Ara Avagyan, Director of Corporate Business Development Department at  VTB (Armenia) will temporarily perform the duties of CEO. The bank said it will announce further personnel decisions later. -0-