Friday, November 26 2010 17:36
Top performance by VTB Bank's employees doubled portfolio of small enterprises financing
ArmInfo. VTB Bank (Armenia) leadership has awarded the best employees of the small enterprises financing department for top performance that doubled the portfolio of small enterprises financing for Q3 and increased the loan portfolio of the bank, the VTB Bank (Armenia) press-service told ArmInfo.
VTB Bank (Armenia) Director General-Chairman of Board Valery Ovsyannikov congratulated the employees on high performance results and awarded them with memorable gifts and the following certificates: "Best Sales Officer," "Best Cross-Selling Officer," "Best Officer for Current Service of Portfolio", "Best Assistant Manager For Small Enterprises Finance," "Best Branch in Terms of Small Enterprise Finance." The bank provides loans to small enterprises via its wide branch network comprising 68 offices (1st position in the banking system). The branch "Spandaryan" in Yerevan and the regional branch "Masis" demonstrated especially high rates of small enterprise finance.
"Our Bank gives high priority to financing of small enterprises. The Department for Financing of Small Enterprises fulfilled the target for Q3 and increased the loan portfolio of the bank. I'd like to thank my colleagues for devotion and wish them success and new achievements," V. Ovsyannikov said.
In line with the Bank's standards, small enterprises are the private businessmen and legal entities engaged in entrepreneurship in Armenia whose annual income is below 1 billion drams. Starting Nov 15 2010 VTB Bank (Armenia) provides loans to small enterprises at the annual interest of 14% if the borrower is registered in Yerevan or launched business in Yerevan and 13% for the borrowers in the region. The minimum size of a loan is 4 million drams and the upper ceiling is 60 million drams and loan maturity is 5 years.
Ranking of Armenian Commercial Banks as of Sep 30 2010 prepared by the Agency of Rating Marketing Information (ArmInfo) says nearly 60% of the loan portfolio of VTB Bank (Armenia) are loans to legal entities (10% growth for Q3 2010) that exceeded 41 billion drams - 5th position in the banking system. The share of the loan portfolio in assets was almost 70%. For 9 months of 2010 VTB Bank (Armenia) was the leader in terms of net profit - 3.2 billion drams. The bank occupied the 1st and the 3rd positions in terms of ROA and ROE, respectively.
CJSC VTB Bank (Armenia) has been operating on the territory of Armenia since 1923. CJSC VTB Bank (Armenia) is a universal bank offering a full range of banking services to individuals and corporates in Armenia. The branch network of the Bank includes 24 branches in Yerevan and 44 in the regions. The Bank joins the top 5 major banks in Armenia with the following ratings assigned by the Fitch Ratings agency: a long-term rating issuer rating BB, a short-term rating B, individual rating D/E, support rating 3.
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