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DEUTSCHE BANK MAY BECOME SHAREHOLDER OF RUSSIAN VNESHTORGBANK
CONTROLLING OVER ARMSAVINGSBANK
YEREVAN, JANUARY 21. ARMINFO. The largest financial institution in
Germany, Deutsche Bank, intends to considerably expand its activity in
Russia by purchasing ten percent of the shares of the Russian
Vneshtorgbank, which has been fully state structure so far. A German
newspaper "Handelsblatt" reports referring to Head of Vneshtorgbank
Andrey Kostin. Thus, Deutsche Bank will become shareholder of
Vneshtorgbank, the owner of 70% of shares of the Armenian
Armsavingsbank.
It should be noted that Vneshtorgbank gained control over
Armsavingsbank in March, 2004. Vneshtorgbank plans $100-150 mln
financial injections. Part of these funds will be provided in terns of
a subordinated credit. Armsavingsbank's assets make up over $82 mln at
present, with its total capital being $74 mln. The bank's profit in
2004 totaled $1.9 mln. Chairman of the bank's Board Alexander Vardanov
said that one of the key tasks of the banks was support to the
infrastructural programs implemented by Gazprom and RAO UES in
Armenia.
Vneshtorgbank is the largest commercial bank of Russia as to its
authorized capital, which totaled 42.1 bln RUR in the middle of
2004. According to data of Venshorgbank, own funds of the bank totaled
65.3 bln RUR and net assets - 356.4 bln RUR on October 1,
2004. Venshtorgbank is one of the largest creditors of Russian
economy.
CONTROLLING OVER ARMSAVINGSBANK
YEREVAN, JANUARY 21. ARMINFO. The largest financial institution in
Germany, Deutsche Bank, intends to considerably expand its activity in
Russia by purchasing ten percent of the shares of the Russian
Vneshtorgbank, which has been fully state structure so far. A German
newspaper "Handelsblatt" reports referring to Head of Vneshtorgbank
Andrey Kostin. Thus, Deutsche Bank will become shareholder of
Vneshtorgbank, the owner of 70% of shares of the Armenian
Armsavingsbank.
It should be noted that Vneshtorgbank gained control over
Armsavingsbank in March, 2004. Vneshtorgbank plans $100-150 mln
financial injections. Part of these funds will be provided in terns of
a subordinated credit. Armsavingsbank's assets make up over $82 mln at
present, with its total capital being $74 mln. The bank's profit in
2004 totaled $1.9 mln. Chairman of the bank's Board Alexander Vardanov
said that one of the key tasks of the banks was support to the
infrastructural programs implemented by Gazprom and RAO UES in
Armenia.
Vneshtorgbank is the largest commercial bank of Russia as to its
authorized capital, which totaled 42.1 bln RUR in the middle of
2004. According to data of Venshorgbank, own funds of the bank totaled
65.3 bln RUR and net assets - 356.4 bln RUR on October 1,
2004. Venshtorgbank is one of the largest creditors of Russian
economy.