RUSSIAN VNESHTORGBANK ACCOMPLISHING PURCHASE OF ARMSAVINGSBANK

PanARMENIAN.Net - Russian Vneshtorgbank (VTB) is accomplishing the process of purchasing the Armsavingsbank, the biggest bank in Armenia after the HSBC branch, VTB chairman of board deputy Vladimir Dmitriyev told Vedomosti Russian newspaper. According to the newspaper, Ekaterina Trofimova, the analyst of Standard & Poor's rating agency states VTB's interest toward Armenia, Ukraine and Belarus as rather justified. "Ukraine, Belarus and Armenia present the most advanced markets of the CIS states, except of Kazakhstan, where Russian banks have no access. The market here is not fully developed, yet its potential is very high. The circulation of commodities between the CIS companies is being activated. However there does not exist such a network, which could provide international calculations. That is why, the banks, which start establishing links between the CIS countries will benefit", the bank analyst considers.