ArmInfo:
Renowned Armenian entrepreneur Mikhail Bagdasarov intends to sell 30% of VTB-Armenia bank, which belong to him.
In an interview to Haykakan Jhamanak newspaper he stated that at present he considers 2 possible ways of selling the shares. By the 1st one the shares will be purchased by the Russian Vneshtorgbank, owner of the remaining 70% VTB shares. His intention Mr. Bagdasarov explained by resigning the office of the Head of VTB-Armenia Bank Council. Recently on that post was elected the vice-president of Vneshtorgbank.
According to ArmInfo analysis, Mikhail Bagdasarov is rather dissatisfied with the passive and instable stance of the VTB-Armenia bank in the Armenian market. At the same time the Russian side has already invested $15-20 million for the development of the former Armsavingsbank. By the end of the 1st half of 2006 the authorized capital stock of the bank equaled $18 million.
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