Mikhail Yakunin: The prospect of joining the Customs Union supposes harmonization of legislation in banking sector

Joining the Customs Union supposes harmonization of legislation in the banking sector with a purpose to provide calculations between the member-states, chairman of the Monitoring Council of VTB Bank (Armenia), Mikhail Yakunin, told Arminfo correspondent at the Armenian-Russian inter-regional exhibition of industrial innovations in Yerevan. He said it is still early to speak about a single currency. "The first step is the Customs Union, the second - a single economic area where we shall be able to decrease barriers much", - he said. 

For his part, General Director - Chairman of the Board of Directors, Yury Gusev, said that if Armenia joins the Customs Union and later the Eurasian Union, the commodity circulation between the countries will grow.  This will positively affect the economy of Armenia and create new job places, he said. "As one of the leaders of the banking market, we are ready to take as much efforts as possible to support these actions. In this context, our key task is to establish trade turnover of all the participants in the Customs Union with Armenia; to create instruments for Armenian manufacturers  which will make it possible to use flexible payment schemes. This will make it possible to activate inter-state trade cooperation much", - Gusev said. 

To recall. as a result of the negotiations on September 3, 2013 in Moscow the Presidents Sargsyan and Putin confirmed the aim of the Republic of Armenia and the Russian Federation in the direction of further development of economic integration processes in the Eurasian territory. In that context the President of the Republic of Armenia Serzh Sargsyan announced about the Armenia's decision to join the Customs Union and the necessity of implementation corresponding steps for that aim and in future about participating in formation of the Eurasian economic union. Before that, since 2010 Yerevan gas been actively negotiating with the EU on signing the Association Agreement including DCFTA. 

According to the Financial Rating of Armenian banks prepared by Arminfo, as of 1 October 2013, the assets of VTB Bank (Armenia) amounted to 291.1 billion AMD, by 56,3% more versus 1 October 2012. The bank is the leader of the market by its credit portfolio in general and by the corporative crediting, in particular. As of 1 October 2013, the total credit portfolio of the bank amounted to 212.6 billion AMD - 73% out of the total assets. 

Bank VTB (Armenia) closed joint stock company became a member of VTB financial group in April 2004. The second biggest Russian bank, Bank VTB ojsc is now the full owner of Bank VTB (Armenia). The bank is among leaders of Armenian banking system in a number of basic indicators. It currently has the biggest network in Armenia - 67 branch offices across the country.