Wednesday, October 5 2011 19:04

VTB Bank (Armenia) and VTB Bank (Georgia) launch a joint product – AutoTransit Card


ArmInfo. For the first time in Armenia, VTB Bank (Armenia) and VTB Bank (Georgia) offer their customers a joint credit card for purchase of cars in Georgia in the most simplified and profitable way. The press service of VTB Bank (Armenia) told ArmInfo that the AutoTransit Card has a number of advantages. In particular, the customers receive the loan approval in Armenia; after the cars are chosen in Georgia, the appraisal, insurance and document handling are done within 2 hours at the branch of VTB Bank (Georgia), which is located in the market of the town of Rustavi; the customers direct the initial contribution to the customs clearing of their new cars; the number of imported cars is not limited.

"For the first time in the banking market of Armenia, VTB Bank (Armenia) and VTB Group have decided to implement a joint autocrediting project, which differs from all the other kinds of autocrediting by their advantageous terms. The customers of VTB Bank (Armenia) will be able to make use of the new kind of autocrediting starting October 2011. This loan is convenient for the customers who wish to buy a car in Georgia and import it to Armenia. One of the key advantages of the given loan is the payment for the customs clearing of the car at the expense of the initial contribution of the customer. In addition, if the customer buys a car before the end of 2011, he will receive free insurance till the end of 2011", Valery Ovsyannikov, Director General of VTB Bank (Armenia) said.

According to ArmInfo's Ranking of Commercial Banks of Armenia, as of June 30 2011 VTB Bank Armenia had one of the three biggest loan books in Armenia's banking system - $286mln or 72% of the bank's assets. The share of consumer lending was 26% (the 2nd biggest in the system). The share of auto loans made up 4% of the consume lending portfolio. In Jan-June 2011 the net profit of VTB Bank Armenia totalled $7.1mln (the 3rd place). In ROE the bank was the 2nd (10.91%), in ROA - the 4th (1.82%).

VTB Bank Armenia joined VTB Group in Apr 2004 and is a 100% subsidiary of VTB Bank, the second biggest bank in Russia. The bank is one of the leaders of Armenia's banking system and has the largest branch network in the sector (68 branches).
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