Recently, president of “”Mika Limited” company, Mikhail Baghdasariv gave an interview to “Mediamax” mews agency, where he said that he had decided to sell his 30% share of stocks stored at “VTB-Armenia” bank (former “Armsavingsbank”). Baghdasarov said that he had sent a message to the other stock holder of the bank, “Vneshtorgbank”, and informed them about his intention to sell his share and if they don’t buy the stocks he will sell them to a third party. “It is a very famous, Armenian organization with experience of the Armenian banking system”, said M. Baghdasarov. He said that there was also another potential buyer, but they hadn’t discussed that issue yet. He explains his decision by saying that he is disappointed in the results of the bank’s work. “The bank used to solve more problems before what with the development of the country than now. Money should be invested to increase the level of people’s welfare, but sometimes it does not depend on us and is failed”, said Baghdasarov. In 2001, the government made a decision to privatize “Armsavingsbank” and its stocks were sold to “ARCH limited” consortium (Bahamian islands) and “Mika Limited” trading. The latter bought the hall package of the stocks in 2003 and later, in 2004, sold 70% of the share to “Vneshtorgbank”. In May, Baghdasarov announced that there were potential buyers ready to buy his businesses but he was not going to sell anything until he does not develop those businesses to a certain level. Does this mean that “VTB Armenia” bank is in good conditions already? This year the mentioned bank placed 62nd in the list of the biggest Armenian taxpayers. Why is Baghdasarov disappointed in the bank? “Mika Limited” owns stocks in “Grand” insurance company. The latter has started giving reimbursements to the families of the victims of the Armenian A320 jet catastrophe in Sochi ($20.000). This means that he may very soon be disappointed in the “Grand” insurance company as well, besides that, recently things are not looking too good at “Armavia” airlines. It is not excluded that Baghdasarov may decide to sell the mentioned businesses as well.
