CBA authorizes VTB Bank to join Money Gram system

PanARMENIAN.Net - Central Bank of Armenia authorized VTB  Bank (Armenia) to join Money Gram international payment system, CBA PR service reported.



The resolution was passed at today's CBA sitting headed by CBA President Arthur Javadyan.



Up to June 20, 2006 VTB  Bank (Armenia) has operated under the name Savings Bank of the Republic of Armenia. Armsavingsbank was founded in 1923 with an aim to render banking services, particularly to attract savings and grant consumer loans. Since April 2004 one of the RF leading banks, Vneshtorgbank, became the shareholder of over 70% of Armsavingbank shares, thus Armsavingsbank became integrated into the network of Vneshtorgbank subsidiaries operating worldwide. In June 2006 Armsavingsbank was renamed to VTB  Bank (Armenia) CJSC.



In July 2007 VTB acquired 30% less one share from Mika Armenia Trading LTD company and became the sole shareholder of 100% shares of its subsidiary in Armenia, VTB  Bank (Armenia) CJSC.



Activity Program of VTB  Bank (Armenia) envisages further expansion of Armenia's economy financing.  Beside, the Bank constantly renews the range of services offered to retail business customers and enlarges its activities in most diverse spheres of business, from small enterprise servicing to expansion of collaboration with major corporate clients.