Wednesday, March 23 2011 02:29

VTB Bank (Armenia) works out factoring product for South Caucasus Railway having no analogues in Armenia


ArmInfo. VTB Bank (Armenia) has signed a factoring agreement with the South Caucasus Railway (SCR) CJSC, the press service of VTB Bank (Armenia) told ArmInfo. According to the source, the new factoring product will open for SCR clients factoring limits, by which not only the Armenian companies' expenses on cargo transportation by rail will be financed, but also such services of SCR as forwarding, which is a new product for the SCR clients.

SCR receives an opportunity to provide its services to the local companies on more profitable terms – with delay of payments for the transport services, as well as to offer new services to its clients by the flexible system of discounts included in the factoring product.

According to Director General, Chairman of Directorate of VTB Bank (Armenia) Valery Ovsyannikov, the bank has always had special business relations with SCR and has always considered SCR as one of its strategic partners.

"The joint promotion of the company's services in the Armenian transport market demonstrates the high level of our partnership relations. Moreover, the availability of rail carriages is one of the most topical issues for Armenian companies. I think the given agreement will contribute to expansion of financial opportunities of the companies using rail carriages, as well as the opportunities of the companies potentially interested in these services, particularly, those of exporters for whom special discounts are envisaged", he said.

For his part, Director General of South Caucasus Railway CJSC Shevket Shaydullin pointed out that the company is making a step towards occupation of the transport market of Armenia. According to him, the factoring services aimed at supporting and stimulating the Armenian producers and forwarding agents are new and have no analogues in the transport segment of the Armenian market.

"The expansion of the range of financial tools aimed at enhancing the attractiveness rail carriages for the present and future clients of SCR is the regular consequence of our company's mission. The choice of VTB Bank (Armenia) as a partner is not accidental. We think that the bank has a wide range of opportunities to carry out the given services", he stressed.
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