Tue, 1 July
18.1 C
Yerevan
USD: 384.47 RUB: 4.90 EUR: 450.83 GEL: 141.25 GBP: 526.80

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 exchange rate unchanged, euro and ruble rise

The average market exchange rate of the U.S. dollar to the Armenian dram on March 7, 2025, remained at 394.58 drams, unchanged compared to March 6.

Central Bank of Armenia considering introducing long-term mechanisms for insurance against fraud

The Central Bank of Armenia is considering the possibility of introducing mechanisms for insurance against fraud.

Armenia to receive EUR 26 million loan from KfW bank for renewable energy development

Armenia will receive a loan and a grant from the German KfW bank for the implementation of the "Renewable Energy and Energy Efficiency Development" program.

Euro falls by 0.62 points to 450.23 drams

The average market exchange rate of the US dollar against the Armenian dram as of June 27, 2025, decreased by 0.59 points compared to June 26 and amounted to 384.32 drams.

Ratio of loans to deposits in commercial banks of Armenia has improved – WB review

In April 2025, deposits and loans of commercial banks of Armenia increased by 1.5% y/y and 0.8% y/y, respectively, slightly improving the ratio of loans to deposits compared to the figures for the previous year.

LATEST NEWS

spot_imgspot_imgspot_img