VTB Bank Armenia recently raised its authorized capital to $49.9 million after purchasing an entire issue of additional shares worth $16.8 million.

The bank, which is fully owned by Russia's VTB Bank, said an increase in its equity will help it maintain its pace of growth, boost lending and expand its branch network, ARKA News Agency reports.

"VTB Bank (Armenia) is showing steady growth," Yuri Gusev, the CEO of VTB Bank Armenia, said, according to ARKA News Agency. "On December 31, last year the bank's assets amounted to 303.6 billion drams, which was 90.5 billion drams more than in late 2012."

Mikhail Yakunin, the senior vice president of VTB Bank, said that the increase in the authorized capital of the bank will support growth obtained in previous years. The increased equity would make the bank a leader in Armenia, not only in terms of active transactions but also in terms of equity size.

"Currently, VTB Group is working out a new development strategy that will detail further plans for the development of subsidiary banks, including VTB Armenia," Yakunin said, according to ARKA News Agency.

VTB Bank Armenia has 67 branches in Armenia, which is more than any other local bank.