Wednesday, November 17 2010 16:54

VTB Bank Armenia reduces interest rates of AMD loans for small business to 13-14%


ArmInfo. VTB Bank Armenia has reduced the interest rates of AMD loans for small business by 3-4%.

The press service of VTB Bank Armenia reports that Nov 15-Mar 1 2011 the loans will be provided at 14% for entities registered in Yerevan, 13% for borrowers in the regions.

The size of the loans ranges from 4mln AMD to 60mln AMD, the period is up to 5 years. According to the bank's standards, small enterprise is a legal entity doing business and earning no more than 1bln AMD a year.

"VTB Bank Armenia offers favorable conditions of business customers by freeing them from currency risks and giving them access to long-term accessible funds," says Artak Khachatryan, Head of Retail Business Development Department of VTB Bank Armenia.

According to the Ranking of the Commercial Banks of Armenia prepared by the Agency of Rating Marketing Information (ArmInfo), Oct 1 2010 the share of loans in the assets of VTB Bank Armenia made up 70% or 74.3bln AMD. Trade received 21.7% of the loans, industry - 13%, construction - 5.2%, agriculture - 2.4%. In Jan-Sept 2010 the bank’s net profit totaled 3.2bln AMD - the biggest in Armenia’s banking sector. In ROA and ROE the bank was the 1st and the 3rd - 3.6% and 15.2%, respectively.

VTB Bank Armenia joined VTB Group in Apr 2004. The owner of the bank, VTB Bank, is the second biggest bank in Armenia. VTB Bank Armenia is leader in a number of indices. It has the biggest branch network in Armenia - 68 branches.
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