Bank VTB Armenia is to merge with VTB Leasing within a month, it has been reported.
Mher Grigorian, deputy CEO of Bank VTB Armenia, is said to have made the announcement that the bank will handle all transactions Russian lessor VTB was planning to carry out in Armenia at a news conference this month.
He added that “the cost of money and profitability of capital” were the drivers behind the decision to do business as one entity. He also said the restructured large companies are getting increasingly reluctant to work with mediators.
Grigorian added that the bank extended €19.5m in mortgage loans in the first quarter of 2010, down from €33.5m last year.
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Bank VTB Armenia is owned fully by Russian VTB Group.
