YEREVAN, March 4, /ARKA/. Bank VTB (Armenia) said in a press release it had provided trade financing for supply of goods for children of the world famous MotherCare brand.
The Russian-owned bank said it offers a wide spectrum of banking services for the purpose of integrated servicing of foreign trade operations of its clients through guarantee operations and international settlements in the form of documentary credits.
Thus, in 2011 February at the order of its client Prime League Market Bank VTB Bank (Armenia) issued a banking payment guarantee in favor of MotherCare UK Ltd. – the supplier of high quality goods for children and pregnant women. The bank guarantee was issued for the purpose of securing a new supply of the British company’s goods
According to the press release, at the order of its client Bank VTB (Armenia) provides every type of banking guarantee and Stand-by letters of credit used widely in international banking practice. Bank grantees are used as a safeguard against risks and failure to fulfill the contract terms.
Prime League Market company represents in Armenia the original products of several famous companies. It runs a chain of stores in downtown Yerevan and has been granted the franchise right by MotherCare, Escada, Escada Sport and Spanish Mayoral.
MotherCare was founded in 1961. It runs now 500 sores in 85 countries selling goods for children and pregnant women.
Bank VTB (Armenia) is owned fully by Russian Bank VTB. It runs 68 branches in Armenia, the largest network of branches across the country. -0-
