Russia's VTB Bank 'completely revises strategy' in Azerbaijan
VTB Bank (Azerbaijan) has completely revised its strategy this year. Lending small business loans and retail customers were chosen as the two main areas of its activity during a five-year term, head of Retail Business Development Department, a member of VTB Bank board (Azerbaijan) Ilnur Salakhov told Trend news agency.
According to the bank's calculations for 2016, VTB Bank's share in the Azerbaijani market of retail banking services will hit 4 per cent in terms of small business lending and 2.5 per cent in retail lending.
"The bank was greatly changed within the new strategy," he said. "New products are being introduced and business processes are being improved."
According to plans for the next year, the bank's portfolio will consist of small business clients (35-40 per cent).
"Bank VTB (Azerbaijan) also has serious retail lending plans," he said. "By 2016, we plan to join the top 10 in terms of the portfolio volume and the top three banks on lending volume growth."
VTB Bank (Azerbaijan), operating in the country since 2009, is a subsidiary of VTB Bank. VTB ranks second in all major indices on the Russian banking market.