Thursday, April 29 2010 10:59

VTB Bank (Armenia) is going to create mortgage lending center


ArmInfo. VTB Bank (Armenia) is going to create mortgage lending center in Yerevan, says Director General-Chairman of the Board of VTB Bank (Armenia) Valery Ovsyannikov.

"The center will offer full range of mortgage lending services: customers will be able to come to the center and to go out with new house keys in hand. Mortgage lending is our priority. We did not stop providing mortage loans last year but we toughened our requirements. We finance mortgage loans mostly due to refinancing by National Mortgage Company and the Central Bank. We have no problems in this sector. There are problems in the field of construction, which is still in stagnation," says Ovsyannikov.

The Ranking of Commercial Banks of Armenia prepared by the Agency of Rating Marketing Information (ArmInfo) says that Jan 1 2010 the mortgage portfolio of Armenia's banking system exceeded 85bln AMD ($225mln) or 11% of the total credit portfolio. Jan 1 2010 the bank's mortgage portfolio totalled 8.9bln AMD ($23.4mln, 3rd place) or 12.1% of its total credit portfolio.

The National Statistical Service of Armenia reports that in Q1 2010 construction experienced 0.6% decline, in Mar 2010 as compared with Feb 2010 - it showed 2-time growth to 47bln AMD ($122mln).
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