With VTB Bank (Armenia) assistance construction of "Berd" residential building was resumed

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.