Tuesday, August 17 2010 16:04

VTB Bank (Armenia) itself has adopted a decision to temporary suspend cooperation with Fitch Ratings


Arminfo. "At present the work on centralization of the borrowing programmes of all the participants in the banking group within the frames of the VTB Group is being implemented. Within the frames of the new borrowing strategy VTB bank (Armenia) is not going to enter external markets independently. Taking this factor into account as well as the work implemented by the bank on optimization of the expenditure structures, we have adopted a decision to temporary suspend cooperation with Fitch rating agency", - Director of Financial Department of VTB Bank (Armenia) Yuriy Gusev commented on the fact that on 13 August 2010 Fitch Ratings has affirmed and withdrawn the ratings of VTB Bank (Armenia) (VTBA), including its Long-term Issuer Default ratings (IDR) at 'BB'.

CJSC "VTB Bank (Armenia) joined VTB financial group in April 2004. At present the second biggest bank of Russia VTB owns 100% shares of VTB Bank (Armenia).
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