YEREVAN, December 8. /ARKA/. Bank VTB (Armenia) is one of the leaders by the provision of factoring services in the banking market of Armenia. Press-service of the Bank informed ARKA News Agency that by the results of the third quarter of 2011, total volume of financing of factoring was 709 million drams.

According to the data of ARKA News Agency, Bank VTB (Armenia) takes the second place among the Armenian banks providing classic factoring.

According to the press-release, in the last months of 2011 an active growth of the number of clients – users of factoring services, and significant increase of factoring turnover was observed.

“It is already a year that Bank VTB (Armenia) offers its clients factoring services. The level of demand for factoring is an original indicator of “business maturity” of the clients and now there is growing demand for factoring, as many companies consider this product as the most effective tool for managing accounts receivables, liquidity and credit risk insurance”, said General Director-Chairman of Directorate of Bank VTB (Armenia) Valeri Ovsyannikov.

He said that in this context Bank VTB (Armenia) cooperating with a majority of large trade and industrial companies, offers each client individual scheme of factoring cooperation.

Bank VTB (Armenia) started the implementation of the program on the creation of factoring product in December 2010, and from March 2011 the Bank actually provided the introduction of factoring services in the banking market of Armenia, thus expanding more the line of its products envisaged for the clients –legal entities.

According to the press-release, the Bank offers classic factoring to the clients of large and medium-sized business, according to which the client gives the receivables to the bank, instead of receiving funding.

“Factoring financing has a number of advantages. It allows the vendors to increase sales by offering its customers more favorable terms – payments terms, getting non-pledge financing from the bank, and funding increases in proportion of sales growth”, states the press-release.

Press-service of the Bank notes also that in 2012 Bank VTB (Armenia) plans to expand the list of financed spheres and increase the sizes of factoring operations, as well as develop the product line offering new factoring products, including international factoring having great prospects in the Armenian market.

Bank VTB (Armenia) is the participant of the first Russian international financial group of VTB and 100% “affiliate” of the second largest bank of Russia – Bank VTB which provides a modern range of banking products and services and is traditionally among the leaders of the banking system of Armenia. Bank VTB (Armenia) has 68 branches operating in all the regions and large cities of Armenia.--0--