Armenia: VTB bank selling Hrazdan cement plant


Updated Mon, 16 Mar 2015 10:53:10 GMT

VTB Bank (Armenia), a 100% subsidiary of Russian VTB Bank, is negotiating the sale of its cement plant in Hrazdan, according to the bank's chief executive Yuri Gusev.

In 2014 the bank provided the plant with a loan that was instrumental in resuming its operation. The plant's products are sold in Iran, Iraq, Europe and the Russian Federation. According to Gusev, VTB Bank (Armenia) wants the plant to continue its operation because the town of Hrazdan is a single-enterprise town. "VTB Bank (Armenia) feels its social responsibility for the fate of its residents," said Gusev. He added that the bank would assist the new owner of the cement plant to attract an international investor.