Activities of VTB Bank (Armenia)'s branch discontinuedJanuary 14, 2010 - 14:58 AMT PanARMENIAN.Net - By the decision of the Central Bank of Armenia's (CBA) chairman Arthur Javadyan activities of branch N 84 of VTB Bank (Armenia) are discontinued, press office of CBA reported. The CBA Board granted a license to implement remittances to EDram Ltd. VTB Bank (Armenia) (formerly Haykhnaybank) was established in 1923 to attract savings and provide consumer credit to the population. In September 2001 the government of Armenia made a decision to privatize the state-owned "Haykhnaybank" (Armenian Savings Bank) through its direct sale to the consortium of ARCH Limited/The Bahamas and Mika Armenia Trading. In early 2003 the entire shareholding of the company went to Mika Armenia Trading. In March, 2004, 70 per cent of the Haykhnaybank's stake were acquired by Russia's Vneshtorgbank. On 20 June, 2006 Haykhnaybank was renamed to "VTB-Armenia Bank". On July 25, 2007 VTB acquired 30 per cent minus 1 share in Mika Armenia Trading and became the sole owner of 100 per cent of stakes in its subsidiary bank, VTB Bank (Armenia) JSC. The Bank is a full member of Visa International. EDram was elaborated and introduced in 2003 with the aim to provide a convenient tool for electronic commerce in Armenia. EDram is an electronic system enabling to make on-line payments in units, equivalent to the Armenian dram for various services, products and make money transfers. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Greece says ready to help as Armenia fights flooding consequences Greece is ready to assist Armenia in combatting the consequences of deadly floods in the country’s north. “He will leave”: Protest leader no longer demands meeting with Pashinyan Archbishop Bagrat Galstanyan no longer demands a meeting with Armenian Prime Minister Nikol Pashinyan. Lemkin Institute petition seeks release of Armenians in Azerbaijan The Lemkin Institute is deeply concerned about the continued illegal detention of political prisoners from Karabakh in Azerbaijan. Armenian Catholicos calls for national unity against threats Karekin II issued a message on Republic Day marking the anniversary of the First Armenian Republic. |