YEREVAN, March 26. /ARKA/. Bank VTB (Armenia) started financing as part of factoring services agreement with the South Caucasus Railway, the bank’s press office reported.
Based on demand analysis the bank has developed a special factoring product for its strategic partner, the South Caucasus Railway cjsc, to ease freight transportation services through the Railway. The new product gives local companies an opportunity to use the rail services under better terms, i.e. to pay for services over an extended period of time.
Bank VTB (Armenia) was the leader in Armenian factoring market in 2013 and continues expanding the range of its factoring services.
Access to transportation services is a key factor for major Armenian companies to enter the global markets, general director of the Bank VTB (Armenia) Yury Gusev said.
Rebets, in his turn, said introduction of factoring services is another component of service improvements and export promotion policy of the company. Since 2012, the Railway has been providing transport and forwarding services using “single window” principle.
Bank VTB (Armenia) closed joint stock company became a member of VTB financial group in April 2004. The second biggest Russian bank, Bank VTB ojsc is now the full owner of Bank VTB (Armenia). The bank is among leaders of Armenian banking system in a number of basic indicators. It currently has the biggest network in Armenia – 67 branch offices across the country. –0—
