Thursday, December 1 2011 20:10
VTB Bank (Armenia) and Armenian Datacom Company sign an agreement on financing
ArmInfo. VTB Bank (Armenia) and Armenian Datacom Company (ADC) have signed an agreement on financing ADC for acquisition and upgrading of the fixed assets. The press service of the Bank told ArmInfo that the financing will also help complete the process of merger of ADC with one of the largest telecoms market participants.
According to the source, the financing will allow the company to raise the quality of service and extend the range of services provided to the corporate and private customers. "In order to conclude the given transaction, the team of VTB Bank (Armenia) has actively been cooperating with the ADC specialists, and this allowed us to make overall assessment of the company's business and conclude the transaction in an unusual format", said Valery Ovsyannikov, Chairman of Directorate, Director General of VTB Bank (Armenia).
He stressed that the sphere of telecommunications is a progressive sphere for the Bank and a strategic field of Armenia's economy. Ovsyannikov thinks that the financial structures should cooperate with the telecoms sphere and work out new approaches of financing.
"We are glad o announce that this transaction has been concluded with VTB Bank (Armenia), with which we have been actively cooperating when analyzing the current indices and the strategy of further extension of the company. The operating income obtained over the past few months has given confidence to the bank to open financing for ADC", said Khazhak Karayan, Chairman of the Board of Directors of ADC CJSC.
According to the Ranking of Commercial Banks of Armenia by ArmInfo, as of 30 Sept 2011, VTB Bank (Armenia) is among the top three leaders by its credit portfolio, which annually grew by 65%, and by 13% over Q3 2011 alone. Over 56% of the portfolio falls on the loans provided to economy (68% annual growth and 8% quarterly growth). By lending to economy, the Bank occupies the 4th position in the banking system of the country. VTB Bank (Armenia) has the largest branch network in Armenia (68 branches).
The Armenian-Norwegian company ADC was founded in Armenia in 2006. The authorized capital of the company is 1 mln EUR. ADC is one of the progressive companies in the sphere of broadband internet communication and data exchange.
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