Thursday, October 7 2010 16:29
Raiffeisenbank Austria establishes trade finance transactions limit for VTB Bank (Armenia)
ArmInfo. CJSC VTB Bank (Armenia) has correspondent relations with many foreign banks, including with Raiffeisenbank Austria. As a result of long-term cooperation the latter established trade finance transactions limit for VTB Bank (Armenia) in the amount of 3 million euro. VTB Bank (ArmInfo) press-service told ArmInfo that VTB Bank Armenia CJSC received additional opportunities to carry out trade finance transactions for a period up to a maximum of 180 days without diversion of monetary funds. VTB Bank (Armenia) will offer its customers-participants in foreign economic transactions letters of credit and guarantees of trade finance transactions on favorable terms in the European market.
"We offer our customers the necessary conditions for successful business: import and export letters of credit, bank guarantees, trade finance. Our Bank opens all the types of irrevocable letters of credit in favor of foreign beneficiaries. Observance of interests of participants in foreign economic transactions often depends on the right choice of the payment method on contracts. Traditionally, it is the letter of credit that allows bringing commercial risks to minimum and it is the safest form of payment both for importers and exporters. We widely use VTB Group's opportunities, which is a member of the International Chamber of Commerce. The given limit by Raiffeisenbank Austria highlights the high confidence in VTB Bank (Armenia) and contribute to provision of letters of credit and guarantees to our customers on favorable conditions," Director for VTB Bank Armenia Corporate Business Department, a member of Directorate, Mery Mamikoyan said.
VTB Bank (Armenia) joined VTB Group in April 2004. At present Russian VTB Bank OJSC owes 100% stake in VTB Bank (Armenia). The bank is among lead banks in the banking system of Armenia in terms of a number of key figures. The bank serves the largest branch network in the country - 68 branches.
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