VTB Bank (Armenia) to continue optimizing its branch network in 2010

According to the source, in 2008-2009 the bank completely modernized 58 branches, repaired, and brought them in compliance with the VTB Group standards. "The rest 10 branches need to be overhauled and completely modernized, and we are going to this in 2010",- says the press- release. At the moment VTB Bank (Armenia) has 68 branches. In 2009 the bank closed 10 branches, whose format and location did not meet the standards of VTB Group and the bank's new model of retail business. As regards investments in the program on optimization of the branch network, the bank has already invested several millions USD in it. "Since the process is not completed yet, it is difficult now to specify the exact total amount",- says the press-release.

To recall, by 30 Dec 2009 decision of the chairman of Central Bank of Armenia, one of VTB Bank (Armenia) branches (N84) has stopped its activity. To note, as of 1 October 2009, VTB Bank (Armenia) had 47 branches (29 in Yerevan, 45 in the regions), and by this index the bank held a leading position among 22 operating banks in Armenia.