Activities of VTB Bank (Armenia)'s branch discontinued

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.