Russia`s Vneshtorgbank takes over Armenian bank
Yerevan, 24 March: Vneshtorgbank, one of the biggest banks of Russia, has taken over the controlling block of shares
of Armsberbank [Armenian Savings Bank]. The contract on the purchase of 70 per cent of Armsberbank shares was signed at
the Central Bank of Armenia today by Andrey Kostin, president and chairman of the board of Russia's Vneshtorgbank,
and the president of the Mika Armenia Trading Ltd holding, Mikael Bagdasarov, who is the only owner of Armsberbank
shares.
Kostin stressed that this deal was within the framework of a development strategy directed at expanding the presence
of Vneshtorgbank and its clients in important markets - Europe and CIS countries. In conditions of growing competition
in the Russian market of bank services, Vneshtorgbank's arrival in the Armenian bank market is considered in the
context of increasing the effectiveness of [Armenia's] own business, he noted.
[Passage omitted: The bank's future activity in Armenia]
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