ArmInfo. With the assistance of VTB Bank (Armenia), the construction of the "Berd" residential building was resumed. As ArmInfo was explained by the Bank's press service the Glendale Hills CJSC construction company which was engaged in the construction of residential multi-apartment complexes in Yerevan and was the borrower of VTB Bank (Armenia), failed to meet its credit obligations, in 2015 it was declared bankrupt. As a result, the construction of a number of buildings was suspended, and a large number of citizens remained waiting for their housing.
VTB Bank (Armenia) received an offer from an interested investor EMC CJSC for the purchase of the Berd building. The company will continue the construction and will deliver the apartments to their owners.
"We made a decision to sell the Berd building to EMC, which took up the continuation of the building. This project has a great social significance, given that so many Glendale Hills customers have been waiting for their housing for several years. We are pleased and we hope that as a result of the actions taken, buyers will soon be settled in their apartments, and the lights will light up in the windows, " Ivan Telegin, Director General of the Board of Directors of VTB Bank (Armenia) said.
Director of "EMC" Tigran Astghikyants, expressing sincere gratitude for the assistance to VTB Bank (Armenia), which did not stay aside from the problems of citizens who are homeless because of suspension of construction, remarked: "Now we have the opportunity to complete the building construction project at Argishti 11/11 Street, and we will make every effort to complete the construction work within 7-8 months and hand over the long-awaited apartments to the owners. "
To note, VTB Bank (Armenia) CJSC became a member of the international financial group VTB in April 2004. Currently, the second largest in Russia, PJSC "Bank VTB" owns 100% of shares of VTB Bank (Armenia). The bank is among the leaders of the banking system of the Republic of Armenia in terms of key indicators. The branch network of VTB Bank (Armenia) traditionally leads, covering 67 subdivisions with a presence both in the capital and in all regions of the country.