Friday, March 25 2011 18:18

Cooperation with BFC allows VTB Bank (Armenia) to promptly and successfully introduce SME crediting technology


ArmInfo. The cooperation with Business & Finance Consulting (BFC) has allowed VTB Bank (Armenia) to promptly and successfully introduce the technology of small and medium enterprises (SME) crediting. The press service of VTB Bank (Armenia) told ArmInfo that the two-year cooperation between the bank and BFC is completed. The program of microcrediting at VTB Bank (Armenia) contributed to the bank's promotion in the small business financing market. The project was implemented under the aegis of the European Bank for Reconstruction and Development (EBRD) and with the technical support of BFC.

According to the source, over the period of the project implementation from January 2009 till March 2011, 1233 loans worth a total of 13.6 mln USD were provided. As compared with 2009 (the moment of the launch of the joint project), the loan portfolio of small and medium business crediting increased 10 times. SME crediting is one of the priorities of the bank's development. At the moment the bank occupies the leading positions among the Armenian commercial banks operating in the SME segment.

"BFC has provided technical assistance in introduction and development of such important aspects as development of personnel potential, creation of the SME crediting division, elaboration of a microcrediting system, market analysis and introduction of new credit products, as well as toughening of control over risks when considering the applications", said Director General, Chairman of Directorate of VTB Bank (Armenia) Valery Ovsyannikov.

Michael Kortenbusch, the managing director and founder of BFC, highly estimated the results of cooperation between BFC and VTB Bank (Armenia). He said that the bank has the largest branch network in Armenia and a huge potential for further development of SME crediting sphere. At present the bank has all tools for effective development of the SME crediting division, as well as a stable and active business position in the financial market of Armenia, high-skilled specialists, a developed structure, a wide product range, a flexible system of work with customers, which is a pledge of active and successful development, he said. Kortenbusch expressed hope that the cooperation with VTB Group will continue in the future.

To recall, VTB Bank (Armenia) CJSC became a participant in the international VTB Group in April 2004. At the moment it has 68 branches. VTB Bank OJSC (Russia) owns 100% of the shares of VTB Bank (Armenia).

To note, BFC was founded in 2003. The head office is in Zurich, Switzerland. BFC employs 50 full time staff in offices located in Armenia, Georgia, Moldova, Russia, and Tajikistan. BFC provides effective consulting services that improve the performance of financial institutions and facilitate the development of emerging markets. BFC focuses on providing assistance in the Newly Independent States (NIS) and Asia. Since its inception in 2003, BFC has successfully implemented more than 60 assignments in 33 countries.
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