Wednesday, August 3 2011 15:50
VTB Bank (Armenia) offers "Affordable" type of loans to medium business
ArmInfo. VTB Bank (Armenia) has launched a new product for medium business - the "Affordable" loan.
The press service of VTB Bank (Armenia) told ArmInfo that this type of loans will be affordable to the legal entities of medium business, which have been engaged in entrepreneurship in Armenia for no less than three calendar months. By using this product, the medium business representatives can not only expand their business, but also develop new directions of activity.
In this context, Head of the Corporate Business Development Department of VTB Bank (Armenia), M. Mamikonyan, pointed out that today many banks think it inexpedient to finance business from the zero level, as it is a high-risk deal.
"In order to meet the needs of our customers and to expand the line of the bank's credit products, we have changed the process of assessment of credit worthiness and revised the terms of financing the medium business segment, ensuring a more flexible and optimal approach. VTB Bank (Armenia) is always ready to support the medium business customers to contribute to the development of the given segment in Armenia", he stressed.
According to the source, one can receive the loans quite promptly: the period of consideration of the loan application is up to 7 days. The loans are provided in US dollars for up to 3 years at the interest rate of 12% p.a., and the maximum amount of the loans is up to 1 million USD.
The Ranking of Commercial Banks of Armenia by the Agency of Rating Marketing Information (ArmInfo) says that by 1 April 2011 the total provision of crediting of VTB Bank (Armenia) amounted to 99.5 billion AMD (17% quarterly growth, and 23% annual growth).
At the moment VTB Bank OJSC, the second largest bank in Russia, owns 100% of shares of VTB Bank (Armenia). The bank traditionally occupies the leading positions in the Armenian banking system by a number of main parameters. At present the bank has the largest branch network in the country (68 branches).
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