by Gayane Isahakyan
In 2013 VTB Bank (Armenia) registered the most intensive growth in car loan provision among the Armenian banks. Last year the Bank's car loan portfolio grew by over 70% to 3.4 bln AMD.
The share of VTB Bank (Armenia) in the market of car loans provided by the banks, exceeds 20%, and the Bank is among the top 3 leaders by its car loan portfolio.
Yuri Gusev, Director General, Chairman of Directorate of VTB Bank (Armenia) CJSC, told ArmInfo's correspondent that the growth of the car loan portfolio was due to facilitation of retail lending procedures. "In 2013, the Bank's efforts in the retail business were aimed not only at increasing the indices, but also at improving the range of retail products, developing alternative sales channels and enhancing the quality of customer service", said Gusev.
To note, in 2013 VTB Bank (Armenia) took the lead in total lending (12.2% of the bank lending market). In 2013 the Bank increased its total loan book by 38.1% to 232.1 bln AMD, or 76.8% of total assets.
The Bank retained its second position in retail lending. The loans provided to individuals grew by 35.5% versus 2012 to 88.1 bln AMD. The Bank's share in the retail lending market made up 14.8%.
VTB Bank (Armenia) joined VTB Group in April 2004 and is fully owned by VTB Bank, the second biggest bank in Russia. VTB Bank (Armenia) is one of the leaders of Armenia's banking sector. It has 67 branches all over the country (the largest branch network in Armenia).