Thu, 11 September
17.1 C
Yerevan
USD: 382.49 RUB: 4.51 EUR: 447.51 GEL: 142.09 GBP: 517.74

VTB Bank (Armenia) intends to build up factoring in Armenia

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—

spot_img

POPULAR

Market capitalization in August increased by 41.4% year-on-year to 460 billion drams – Armenia Stock Exchange

Armenia Stock Exchange (AMX) has summarized the trading activity for August 2025. The month showed a dynamic trading environment, highlighting growing investor confidence and market activity.

Freedom Broker Armenia ranks as one of the largest taxpayer in Armenia

Freedom Broker Armenia has been recognized as one of the largest taxpayers in the country, underscoring its leadership in the investment sector and commitment to sustainable business practices.

3.6% inflation registered in Armenia in August

n the consumer market of Armenia, 12-month inflation in August of this year amounted to 3.6%, according to the report of the National Statistical Committee (NSC) of Armenia.

Euro, dollar and ruble exchange rates drop against Armenian dram

The average market exchange rate of the US dollar to the Armenian dram as of September 4, 2025, fell by 0.4 points compared to September 3 and amounted to 382.25 drams.

Net inflow of money transfers to Armenia from overseas down 5.5% over a period of 7 months

The net amount of private money transfers to Armenia via the banking system from abroad during January to July 2025 totaled $716.6 million, compared to $758.7 million during the same period in 2024, according to a report from the Central Bank.

LATEST NEWS

spot_imgspot_imgspot_img