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VTB finalizes deal to buy 70% of Armenia's Armsberbank

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  • VTB finalizes deal to buy 70% of Armenia's Armsberbank

    Prime-Tass English-language Business Newswire
    March 24, 2004

    VTB finalizes deal to buy 70% of Armenia's Armsberbank

    MOSCOW, Mar 24 (Prime-Tass) -- Major state-owned Russian bank
    Vneshtorgbank (VTB) has finalized the deal to purchase a 70% stake in
    Armenia's savings bank Armsberbank, one of the largest in the
    country, VTB's press service reported Wednesday.

    The purchase came as a planned step in the implementation of VTB's
    development program, which envisages the creation of a subsidiary
    chain in Europe and the CIS, the press release stated.

    Armsberbank, with its broad chain of branches and developed client
    base, including small and middle-sized businesses, will serve as a
    starting point for VTB's further expansion to Armenia's banking
    sector.

    Up until now, the bank was fully owned by the MIKA Armenia Trading
    company.

    As of end-September, 2003, Armsberbank's own capital totaled 2.652
    billion drams, and pre-tax profit amounted to 181.1 million drams in
    January-September.

    (561.55 drams - U.S. USD 1) End
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