YEREVAN, August 7. /ARKA/. VTB Bank (Armenia) will be building up amounts of its international factoring transactions in Armenia, Mikhail Oseevskiy, VTB Bank deputy president and chairman of the bank’s board, said Friday at a news conference in Yerevan.
“We was discussing tomorrow with our Armenian colleagues ways to expand this instrument, first of all, in work with large and medium Russian food networks, where Armenian companies provide or can provide their products,” he said.
He said that VTB Factoring, a subsidiary of VTB Bank that is the flagship organization at Russia’s market, is intensively marketing this service and will be developing it also in the future.
Oseevskiy said that other trade financing instruments, such as pledges and letters of credit, are intensively working as well either inside or outside the country.
“The main objective of VTB is to ensure additional opportunities to Russian and Armenian businesses ay joint markets,” the banker said.
In his words, things at Russia’s market are quite competitive. It means there is trade and big players, but there are many regional networks which have their own niches and they are more comfortable to producers for working.
“I think only competition can form the environment in which balance between manufacturers and traders’ interests will be reached,” Oseevskiy said. “That is why we are interested in development of all trade segments.”
VTB Bank (Armenia) started providing factoring service to corporate clients yet in 2010. The bank effected its first international deal in early 2013 thanks to successful interaction inside VTB Group and cooperation with VTB Factoring.
According to the bank’s reports, factoring in its credit investments totaled about AMD 6.1 billion in late June 2015.
VTB Bank Armenia (Armenian Savings Bank before June 2006) joined VTB Group in April 2004. VTB, the second largest bank of Russia, holds 100% of shares of VTB Bank (Armenia). VTB Bank (Armenia) has 69 branches all over Armenia’s territory – the largest branch network in the country. VTB Bank (Armenia) is reckoned among leaders for general indicators. -0—
