VTB Bank (Armenia) finances Autotech LLC as part of documentary operations

10.03.2021 17:00
VTB Bank (Armenia) finances Autotech LLC as part of documentary operations

YEREVAN, March 10. /ARKA/. VTB Bank (Armenia) and AUTOTECH company have been cooperating since 2019 in the framework of settlement and cash services. Since 2020, the bank has twice financed the company within the framework of trade finance operations acting as a guarantor of the company's contractual obligations before its counterparties.

As one of the leading companies in the local market providing car repair and maintenance services for over 9 years, AUTOTECH LLC actively participates in both government and private tenders for the delivery of comprehensive maintenance and vehicle repair service, VTB Bank (Armenia) press service said in a press release today.

Financing of AUTOTECH LLC by VTB Bank (Armenia) through bank guarantees is the key to the successful fulfillment of the company's contractual obligations, strengthening  partnership relations  with counterparties and enabling it  to effectively develop the business.

VTB Bank (Armenia), attaching special importance to lending and servicing small and medium-sized businesses, develops an individual approach to financing each client, taking into account the specifics of their business activity.

A bank guarantee is a type of financial backstop offered by a lending institution. The bank guarantee means that the lender will ensure that the liabilities of a debtor will be met. A bank guarantee enables the customer, or debtor, to acquire goods, buy equipment or draw down a loan.

This financing instrument is the best and most effective for contractor / supplier companies that enter into large contracts with supply partners, as well as for companies that intend to participate in public procurement and tenders.

The bank guarantee testifies to an additional positive assessment of the customer's business, since before providing a guarantee, the bank carefully examines the client's reputation. For this reason, the bank guarantee acts as additional evidence of the financial stability of the company, its ability to fulfill its obligations under the contract.

More detailed information about the financial instruments of VTB Bank (Armenia) can be obtained on the official website of the Bank at //www.vtb.am/ru/financial/financial-tools, at its branches or by calling the Contact Center at 87-87.

The bank is controlled by the Central Bank of Armenia.

VTB Bank (Armenia) cjsc became a member of the international financial group VTB in April 2004. At present, PJSC VTB Bank, the second largest in Russia, owns 100% of the shares of VTB Bank (Armenia). -0-

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