The Armenian block comes as a first-ever sizeable Vneshtorgbank acquisition in the post-Soviet area, Mr. Kostin said to the media after the signing ceremony.
Armenia has regained domestic political stability, and its economy needs ever more money. Then, there are big Russian-based companies with interests in Armenia, and they must be encouraged, he remarked to substantiate the deal.
The Vneshtorgbank, or VTB, has ambitious plans for the Armenian Savings Bank now that it is principal stockholder. Thus, it intends to increase the authorised capital fivefold, and spectacularly enhance the range of services, added Andrei Kostin.
Today's transaction is Armenia's most lucrative throughout the post-Soviet years, Mr. Bagdasarov said, in his turn. Armenia still has its 30 per cent stock, and no big decisions can be taken without its consent, he emphasised.
Mikhail Bagdasarov described the deal as "not merely mutually lucrative but necessary for unhampered progress of Armenian-Russian economic contacts".
