Thursday, July 4 2013 20:10
VTB Bank (Armenia) and VTB Factoring hold a seminar on factoring financing in Yerevan
ArmInfo. VTB Bank (Armenia) and VTB Factoring (Russia) held a seminar on factoring financing on July 4 in Yerevan. The press service of the Bank told ArmInfo that over 50 representatives of the business community, heads of the leading manufacturing companies of Armenia, representatives of the Central Bank and ministries, as well as mass media were invited to the event.
Artyom Sharibzhanov, Advisor to VTB Factoring General Manager for International Affairs, presented a program of factoring financing of deliveries to Russia. The program implies an opportunity to apply the factoring procedure to alcohol deliveries. Under the program, VTB Bank (Armenia) finances its customer companies from Armenia, and VTB Factoring assumes the risks of the Russian debtors. The seminar covered various aspects of classical and international factoring financing.
During the seminar Sharibzhanov also pointed out that in spring 2013 VTB Factoring LLC and VTB Bank (Armenia) carried out the first joint factoring deal between Armenia and Russia. For the moment the financing of the deal is over 200 mln RUR. "The scheme of the project implementation is unique for Russia and the CIS: on the one hand, the deal meets the model of two-factor international factoring, and on the other hand, both factors are in the same bank group. The given scheme helps most efficiently coordinate the principles of limit policies, make prompt decisions and display flexibility when considering unusual tasks", he stressed.
"Thanks to the successful interaction inside VTB Group and cooperation with VTB Factoring, in early 2013 we managed to make the first international deal. We see more prospects to use international factoring in the commodity turnover between our countries", said Yuri Gusev, Director General, Chairman of Directorate of VTB Bank (Armenia). He thinks that the export-oriented economy of Armenia needs international factoring as a mechanism to cover export risks and at the same time a mechanism of unsecured financing. "Therefore, in collaboration with VTB Factoring, we offer our exporter clients this integrated service on the best terms and at the same time we use the advantages of the growing network of specialized companies and banks within VTB Group", said Gusev. He added that in the future the Bank will expand its geography and provide this service in all countries where VTB Group is represented. Armenia has close trade relations with those countries, namely Georgia, Ukraine, Belarus, Kazakhstan, EU countries, China, etc.
According to the United Nations Commodity Trade Statistics Database, in 2012 the commodity turnover between Armenia and Russia exceeded $1.3 bln AMD. Over the past 10 years the trade turnover balance for Russia was favorable: import from Russia is about 1 bln USD. Experts of VTB Group estimate the market of international export and import factoring between Armenia and Russia is nearly $800 mln per annum. VTB Factoring LLC is a subsidiary of VTB Bank OJSC. It has been providing factoring services since 2009. The company's geography embraces 18 large cities of Russia. VTB Factoring is a member of IFGroup and Association of Factoring Companies.
VTB Bank (Armenia) became a member of VTB Group in April 2004. VTB Bank OJSC, the second largest bank of Russia, owns 100% of shares of VTB Bank (Armenia). At present the Bank has the largest branch network in the country - 69 branches (including two minibranches), of them 25 in Yerevan and 44 in the regions.
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