VTB Bank (Armenia) refutes the information published on one of the Armenian websites, according to which the Bank is allegedly considered risk-related due to the capital insufficiency. The Bank says that "the article entitled "Which banks are on the verge of closure" uses wrong information about VTB Bank (Armenia). In particular, the article says that as of 30 Sept 2014 the total capital of VTB Bank (Armenia) was 20 bln 775 mln 690 thsd AMD and that the Bank is considered risk-related, which has absolutely nothing to do with the reality".
The Bank says that the figure used by the journalist (20 bln 775 mln 690 thsd AMD) is the authorized capital of VTB Bank (Armenia) and the total capital of the Bank as of late Q3 2014 was 50.1 bln AMD, which fully meets the Armenian Central Bank's new requirements to the banks. VTB Bank (Armenia) is one of the leaders of the Armenian banking system and it needs no "mergers" or other measures mentioned in the article in order to comply with the CBA's requirements. The Bank's press service recalls that to avoid dissemination of misinformation the journalists should apply to the Bank to receive reliable information.
According to the Financial Rating prepared by the Agency of Rating Marketing Information (ArmInfo), as of 1 Oct 2014 VTB Bank (Armenia) held the 4th position in terms of total capital, 2nd position in terms of assets, 1st position by its loan book, 2nd position by total liabilities, 4th position by total deposits and 11th position by profit.
To note, VTB Bank (Armenia) CJSC joined VTB Group in April 2004. VTB Bank OJSC, the second largest bank in Russia, is the sole owner of VTB Bank (Armenia). The Bank has the largest branch network in the country - 67 branches.