Thursday, February 24 2011 17:41

VTB Bank (Armenia) and Electric Networks of Armenia CJSC sign a cooperation agreement


ArmInfo. VTB Bank (Armenia) and Electric Networks of Armenia (ENA) CJSC have signed a cooperation agreement aimed at development of long-term mutually beneficial partnership. The press service of VTB Bank (Armenia) told ArmInfo that under the agreement the bank will exclusively serve the special account of ENA CJSC.

At present VTB Bank (Armenia) provides short-term and long-term financing of the current activity and investment projects of ENA, and also provides bank guarantees. Serving corporate customers is an important direction of the bank's activity. The bank ensures efficiency, adaptability, consistency in decision-making, as well as a flexible tariff policy for its customers.

According to Director General, Chairman of Directorate of VTB Bank (Armenia) Valery Ovsyannikov, under the given agreement the bank is going to expand joint cooperation in provision of multi-profile banking products. "We are glad to deepen our relations with the customers. ENA is one of the largest corporate customers of the bank", he said.

For his part, Director General of ENA CJSC Yevgeny Bibin said that ENA's current strategy is aimed at raising the activity's effectiveness, optimization of constructive mutual relations with the banking sector. "Certainly, the agreement is of great significance in the matter of searching for new financial tools to conduct business and expand the scheme of interaction with such a large bank as VTB Bank (Armenia)", he stressed.

To note, ENA CJSC is the subsidiary Inter RAO UES. ENA has an exclusive license for electric power transmission and distribution in Armenia. It is one of the biggest taxpayers in the country.

VTB Bank (Armenia) CJSC became a participant in the VTB international financial group in April 2004. The second largest bank in Russia, VTB Bank OJSC owns 100% of shares of VTB Bank (Armenia). By its branch network, VTB Bank (Armenia) is the largest in the banking system of Armenia (68 branches).
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