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 Friday, March 22 2019 13:27

VTB Bank (Armenia) became the main partner of the "Affordable Housing  for Young Specialists" social housing program

VTB Bank (Armenia) became the main partner of the "Affordable Housing  for Young Specialists" social housing program

ArmInfo. VTB Bank (Armenia) has become the main partner of the "Affordable Housing for Young Specialists" social program of housing provision .

As the press service of the bank told ArmInfo, on March 22 this year  at 11:00 an official ceremony of laying the foundation of the   "Veratsnund" youth town took place.

During the solemn ceremony, a cooperation agreement was concluded  with the Bank, the beneficiaries of the project placed a message  addressed to the future generations of Armenia in the foundation of  the complex under construction. The order of blessing the foundation  and young families, which will have a unique opportunity to purchase  apartments at the lowest and most convenient rates, was carried out.

The main crediting of the program beneficiaries will be carried out  at the expense of VTB Bank (Armenia) own credit resources. The loan  terms are as follows: prepayment - 10-20%, y-o-y interest rate -  10.8%, maturity period - up to 30 years.

The report mentions that VTB Bank (Armenia) won the tender and became  the main financial partner of the "Affordable Housing for Young  Specialists" social program, implemented by the YSU Graduates Union.   As a result of successful cooperation, lending to mono apartment  buildings in buildings 1-7 at St. Monte Melkonyan 44 will be  implemented by VTB Bank (Armenia).  "VTB Bank (Armenia) always pays  special attention to the development of the mortgage sector in  Armenia and is aware of the importance of mortgage lending as one of  the most important factors of the country's economic and social  development. VTB Bank (Armenia) is always ready to issue loans not  only under the best conditions, but also in as soon as possible, as  well as assist in the development of the life of young Armenian  specialists, "the report says.  According to the Financial Rating of  Banks of Armenia, as of December 31, 2018, prepared by ArmInfo IC,  the mortgage portfolio of VTB Bank (Armenia) exceeded 12.5 billion  drams or $ 25.9 million, with the y-o-y dynamics coming out of  decline to growth, and only for Q4 it was possible to ensure an  increase of 10%. In the total loan portfolio of the bank, the share  of mortgage loans is 6%, and in the total mortgage loans of the  banking system the share of VTB Bank (Armenia) is about 5%.  To note,  VTB Bank (Armenia) CJSC became a member of the international  financial group VTB in April 2004. Currently, the second largest in  Russia, "Bank VTB" PJSC owns 100% of shares of Bank VTB (Armenia).  The bank traditionally ranks among the leaders of the banking system  of the Republic of Armenia by major indicators. The branch network of  VTB Bank (Armenia) covers 70 divisions with a presence both in the  capital and in all regions of the country. Moreover, both in the  total number of branches and in the number of regional branches, the  Bank retains its leadership, occupying the second position in the  number of capital divisions.

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