VTB Bank (Armenia), owned by Russia-based VTB Group, is planning to increase its retail lending by 15% to AMD115bn ($278.6m) by the end of 2014.

VTB Bank (Armenia) CEO Yuri Gusev was quoted by Arka News Agency as saying that now the retail lending has reached AMD100bn ($242.2m) having nearly doubled over the last two years, and will further grow by another 15% to AMD115bn ($278.6m) by offering a full range of services.

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Meanwhile, the bank’s share in point of sale (POS) lending is estimated at over 30%.

Gusev said it is now impossible to run a banking business by exploiting the model of corporate bank only.

"The share of corporate business is reducing and many banks are now engaged in POS lending. This is an interesting market, which requires some investment and knowledge. On the other hand we feel quite comfortable at this market and know what we should do to meet the competition," Gusev added.

VTB Bank operates 67 branches in Armenia.

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