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Tuesday, September 19, 2017

VTB Bank financing Yerevan complex in Armenia

Russia's VTB Bank recently announced plans to finance the construction of a downtown Yerevan guest complex in Armenia with apartments, office and retail space, restaurants and a fitness center.

The bank will provide the construction company--D&H Group--with approximately $19,500 to complete the project. The project is expected to be completed in 2016, ARKA reports.

The complex will reportedly create new jobs in both its construction and its operations, according to Yuri Gusev, the CEO of VTB Armenia.

VTB Armenia runs 67 branches throughout the country and is owned by VTB Bank, one of the leading universal banks of Russia. In 2011, VTB was ranked 236 on the FT Global 500 list. The bank was established in 1990, according to ARKA.

In 2007, D&H Group was established to implement the Dalma Plaza project. It was acquired by a group of companies in Logicon in 2013.