Friday, March 4 2011 18:43
VTB Bank (Armenia) provides trade financing of deliveries of MotherCare goods from Great Britain
ArmInfo. By the instruction of its customer Prime Liga Market CJSC, in Feb 2011 VTB Bank (Armenia) provided a banking payment guarantee in favor of MotherCare UK Ltd, the supplier of high-quality goods for kids and pregnant women. The banking guarantee was provided to secure the deliveries of new consignments of MotherCare goods, the press service of VTB Bank (Armenia) told ArmInfo.
According to the source, VTB Bank (Armenia) provides a wide range of banking services to ensure complex servicing of foreign trade activity of its customers, carries out guarantee operations and international settlements by a documentary letter of credit. By its customers' instructions, VTB Bank (Armenia) provides any types of banking guarantees and Stand-by letters of credit. The banking guarantee protects the interests of the parties against non-performance of the contract terms by the partners. The close cooperation inside VTB Group has made a big contribution to the growth of L/C and guarantee operations of VTB Bank (Armenia).
To note, Prime Liga Market CJSC is the first in Armenia to present authentic luxury and middle class apparel from world fashion and accessories leaders. The company prides itself of a network of shops providing convenience for the clients, a possibility to choose from best quality fashion production for women and kids. Today Prime Liga Market is a franchisee of German Escada, Escada Sport, British MotherCare, as well as retailer of Spanish Mayoral. In the future, the company intends to bring other renowned brands into the Armenian market.
MotherCare was established in 1961. The first store was opened in Switzerland in 1968. MOTHERCARE brand began to spread its retail network and offices in different places across all over the world since 1984. Today the company has more than 500 stores from which only 300 are in the Great Britain, and about 200 are located in 85 countries. Over 5,000 people come to our factory every day to make beautiful clothes for women and children. The mum-friendly retailer sells maternity, children's clothes, nursery equipment, baby and maternity care, and also car sitters and infant carriers.
To recall, VTB Bank (Armenia) became a member VTB Group in April 2004. At the moment the second largest bank in Russia, VTB Bank OJSC owns 100% of shares of VTB Bank (Armenia). The bank traditionally occupies the leading positions in the Armenian banking system by a number of parameters. The bank has the largest branch network in Armenia: 68 branches, of them 24 in Yerevan, 44 in the regions of the republic.
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