Wednesday, March 26 2014 14:51

VTB Bank (Armenia) starts factoring financing of clients of CJSC "South Caucasus Railway"


Arminfo. VTB Bank (Armenia) has drawn out a special factoring product on the basis of analysis of requirements of clients of its strategic partner - CJSC "South Caucasus Railway" (SCR), press-service of the company reported and added that the given product of the bank will ease international cargo traffic implemented by the SCR.

The factoring limit will be opened for clients of the SCR, within the frames of which the transportation costs of one of the Armenian companies for transportation of cargo on the railway as well as for other services of the SCR are financed. The core of the innovative product is that SCR gets an opportunity to render its services to local companies for more favorable terms which suppose delay of payment for the transport services.

According to the data of the VTB Bank (Armenia), by the results of 2013, the bank was the leader in the banking system by the receivables assigned as well as by the volume of international factoring operations. It goes on extending the sector of the factoring services. In 2013 the bank jointly with VTB Factoring (Russia) company implemented the first factoring bargain between Armenia and Russia within the frames of VTB group.

"The joint development of services of our strategic partner - SCR at the Armenian transport market is evidence of the widening format of our partnership. Moreover, the obtainable cost of the railway transportation for big Armenian companies is one of the most important platforms for the way towards the international market", - Director General of CJSC "VTB Bank" (Armenia), Yuri Gusev, said.

For his part, Director General of CJSC "SCR", Viktor Rebets, added that introduction of the factoring service is another component of the policy conducted at the SCR towards raising of the quality of transport services, stimulation of export of goods of local producers to the world markets as well as supporting the Armenian economy. "So, we meet not only wishes of our clients but also make another step towards deepening of our cooperation with VTB Bank (Armenia)", - he added.

According to the financial rating of Armenian banks prepared by Arminfo, by the results of 2013, VTB Bank (Armenia) entered the leading three both by general credit exposure and corporative crediting. CJSC "VTB Bank (Armenia)" became a participant in the VTB international finance group in April 2004.
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