On 8 December 2007, VTB delegation headed by Chairman and CEO Andrey Kostin visited Armenia. VTB Head met Prime Minister of Armenia Serge Sargsyan and discussed a wide range of issues related to investment cooperation of the two countries' companies and financial institutions. Andrey Kostin and Serge Sargsyan also took part in signing a cooperation agreement between VTB and "Armenian Copper Program" company stipulating joint development of Tekhut copper-molybdenum deposits and construction of an ore mining and processing enterprise on the territory of Armenia exceeding USD 300 million. VTB Bank acted as arranger of the project financing for CJSC Tekhut. Earlier, VTB Group on behalf of VTB Bank (France) organized pre-export financing of blister copper for "Armenian Copper Program" company worth USD 15 million for a 36-month period.
Commenting on the agreement signed Andrey Kostin said: "Actually, it is an unprecedented deal in the post-Soviet space. It is the first time such significant financing has been organized and implemented by the Russian bank without raising funds from foreign financial institutions. We are proud of VTB being a pioneer in this sphere and we intend to continue our active participation in developing the economy of both Armenia and other CIS countries".
Within the framework of VTB delegation visit to Armenia, VTB Head also met Chairman of the Central Bank of the Republic of Armenia Tigran Sarkisyan. After the meeting, Andrey Kostin and Tigran Sarkisyan visited Miasnikyan Branch of VTB Armenia in Yerevan and held a press conference for Russian and Armenian mass media, during which it was announced about an increase in VTB Armenia capital up to USD 20 million, and also about VTB Group leasing subsidiary to be opened in the nearest future. VTB-Leasing (Armenia) will finance supplies of equipment and machinery for air enterprises, power industry and other industries. Thus, within the framework of the renovation and modernization program of Armavia air fleet, VTB-Leasing (Armenia) will arrange purchase from CJSC Sukhoi Civil Aircraft of air planes Sukhoi Superjet 100 (SSJ100). Under the project, in 2008, the financing from USD 55 to 60 million will be provided for leasing of the two planes SSJ100 for Armavia.
Citing Andrey Kostin, "The implementation of our scheduled events is also a confirmation of VTB intention to actively develop its business in Armenia, contributing to development of financial services both in the form of financial investments and in the form of VTB Group advanced technologies. In this context, we hope that the rebranding of the VTB Armenia branches held by our Bank will become a further step to turn VTB into a leading banking brand on the territory of the Republic of Armenia".