Thu, 16 October
5.1 C
Yerevan
USD: 382.67 RUB: 4.84 EUR: 444.93 GEL: 141.23 GBP: 511.44

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

US dollar and euro exchange rates against Armenian dram fall, while ruble rises

The average market exchange rate for the US dollar against the Armenian dram, based on the results of October 9, 2025, fell by 0.2 points compared to October 8, to 382.55 drams.

Net loan portfolio of Armenian banks in Q2 2025 increased by 6.11% to AMD 6.8 trillion

The combined loan portfolio of 17 Armenia-based commercial banks upped  by 6.11% in Q2 2025 compared to Q1 2025, amounting to AMD 6.82 trillion, according to a ranking compiled by  the ARKA news agency.

Armenia is experiencing an investment boom: opportunities, barriers and main misconceptions

Armenia's investment market is experiencing a period of active development: the number of issues is growing, digital technologies simplify access to financial instruments.

Moody’s upgrades Converse Bank’s ratings

Moody's Ratings has upgraded Converse Bank CJSC's long-term local and foreign currency bank deposit ratings to Ba3 from B1, aligning the Bank’s rating with Armenia’s sovereign rating.

“We want the word ‘investor’ in Armenia to mean normality, not elitism” – Freedom Broker Armenia

ARKA news agency spoke with Freedom Broker Armenia Director Ovak Ovakimian about the transformation of investment thinking, company strategy and trust as an economic value.

LATEST NEWS

spot_imgspot_imgspot_img