In response to some political media's publications about the closure of a number of branches allegedly owing to financial problems, VTB Bank (Armenia) reports that the project of reformatting, modernization and optimization of the branch network launched in 2012 aims to make the customer service conditions as convenient as possible. This is the key task of the Bank and under the project 20 branches were renovated in 2012 and over 20 will be reformatted in 2013.
As regards the Tashir branch, VTB Bank (Armenia) specifies for a number of political media that the branch is not liquidated but it suspended its activity on 15 April 2013 and its assets and liabilities were transferred to the Stepanavan branch. Thus, the Bank ensured the security of the deposits of the Tashir branch customers and also ensured the possibility of their further servicing.
"The current policy of VTB Bank (Armenia) aims to upgrade the servicing points and to enhance the customer service level. Therefore, providing the branch with such conditions implies additional investments. This was not financially justified for the Tashir branch if the Bank takes measures to ensure uninterrupted process of servicing and continues operating in the neighboring town of Stepanavan. Like previously, the branch customers have an
opportunity to use e-service devices installed by the Bank. They can withdraw cash from their bank accounts and make payments via these devices. The Bank also offers the customers to receive the funds remitted via the money transfer systems to the customers' accounts without visiting the bank. Internet banking is also available. The funds of the pensioners are transferred to their bank accounts. It should also be noted that an ATM will be installed in Tashir by late April 2013", the Bank's statement says.
To note, at present VTB Bank (Armenia) has 67 branches in operation (against 70 branches in the same period of 2012), 43 of them in Armenia's regions and 24 in Yerevan.
To recall, VTB Bank (Armenia) CJSC became a member of the VTB Group in April 2004. At the moment, VTB Bank OJSC, the second largest bank in Russia, owns 100% of VTB Bank (Armenia)'s shares. The Bank is among the leaders of the Armenian banking system by a number of indices.