Thursday, April 11 2013 19:23
VTB Factoring and VTB Bank (Armenia) make the first joint factoring deal between Armenia and Russia
ArmInfo. VTB Factoring and VTB Bank (Armenia) have made the first joint factoring deal between Armenia and Russia. VTB Factoring LLC reports that VTB Bank (Armenia) provides financing to the clients and VTB Factoring assumes the risks of the Russian debtor. The amount of the fixed limit of financing exceeds 100 mln rubles (3.2 mln USD).
"VTB Bank (Armenia) has launched the service of factoring for corporate clients in late 2010. Due to the successful interaction inside VTB Group and cooperation with VTB Factoring, in early 2013 we managed to make the first international transaction. We see big prospects to apply international factoring in the commodity turnover between our countries. We think the export-oriented economy of Armenia needs international factoring as a mechanism to cover the export risks and at the same time as a mechanism of unsecured financing. Therefore, we, together with VTB Factoring, can offer our client exporters the complex service on the best terms, using the advantages of the growing network of specialized companies and banks inside VTB Group", said Yuri Gusev, Director General, Chairman of Directorate of VTB Bank (Armenia).
The scheme of the project implementation is unique for Russia and the CIS: on the one hand, the transaction has been carried out by the model of double-factor international factoring, on the other hand - both factors are included in the same banking group, which allows coordinating the principles of limit policies, speed of decision-making, efficiency of services of customers, flexibility, etc.
Anton Musatov, Director General of VTB Factoring LLC, pointed out that implementation of such a deal has become possible exclusively thanks to the presence of VTB Group in Armenia.
"It is the first international transaction for us and we see big prospects for development of international factoring in the regions of presence of subsidiaries of the VTB Group, which has a unique international network for the Russian banks, numbering over 30 banks and financial companies in more than 20 countries. We are planning to establish cooperation with Azerbaijan, Georgia, Belarus and Kazakhstan by late 2013", said Musatov.
According to the Analysis and Financial Ratings of Armenian Banks prepared by the Agency of Rating Marketing Information (ArmInfo), in 2012 the total assets of VTB Bank (Armenia) amounted to 211.5 bln AMD (3rd position in the market), provision of crediting exceeded 171 bln AMD (1st position in the market), economy lending - 104.5 bln AMD (2nd position).
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