A Radisson Hotel may open in Armenia

Armenia institutes a criminal case suggesting international terrorism over Azerbaijan's fire attacks on Armenian borderline villages

VTB Bank (Armenia) presents gifts to children of Full Life NGO's Inclusive Summer Camp

Azerbaijan transfers Hakob Injighulyan to a third country

Armenian analyst considers Edward Nalbandian's participation in Turkish president's swearing-in ceremony to be a diplomatic mistake

Union of Banks of Armenia hosts discussions on development problems of Armenia's financial and banking sector

Volunteers from the Diaspora visit VivaCell-MTS headquarters

Robert Kocharyan is not optimistic about prospects of final settlement of Karabakh conflict

Edward Nalbandian invites Erdogan to visit Armenia on 24 April 2015

Robert Kocharyan: The regime able to forget personal interests is doomed to success

Beeline cuts down tariffs for fixed-line telephony services

Expert: California Senate-adopted Resolution - AJR 32 is a response to Baku's blackmailing policy

Robert Kocharyan: It would be wrong thinking that Armenia's economy may gain from sanctions against Russia

Armenian Deputy Minister of Finance: The stadium will not pay off all debts of Armavia

Armenian Cause and Cyprus among key items on Ahmet Davutoglu's agenda

ACBA-Credit Agricole Bank issues student loans within 15 minutes

SCR CJSC to attend sitting of Traffic Safety Committee of Council for Rail Transport in Minsk on Sept 2-3

Edward Nalbandian makes a statement on the Resolution of California Senate recognizing the Independence of Artsakh

Expert: Yerevan's refusal to participate in Turkish president's swearing-in ceremony could put international pressure on Armenia

David Babayan: Azerbaijan's stand on Yazidis of Iraq describes it as a Nazi country

David Babayan: Recognition of NKR's independence by California is equivalent to recognition by a big and influential state

VTB Bank (Armenia) consumers may now get standing orders for paying for Beeline services

Anelik Bank presents a new credit product - Simple-Fast Extra

Alexander Manasyan: In big-league politics Erdogan's anti-Armenian statements are a trifle

Expert: Increase in water release from Lake Sevan endangers the lake ecosystem

Politician: Perhaps great powers have promised Armenia to pressure Turkey into opening Armenian-Turkish border

Armenian general suggests delivering a series of preventive surgical strikes at Azeri army's combat positions

General: Even Turkish instructors admit low combat effectiveness of Azeri army

Mika Stadium placed on auction

Resident of Artashat wounded in shooting

Armenian Foreign Minister to attend Erdogan's swearing-in ceremony

VTB Bank (Armenia) offers a new installment credit with 1% discount

Beeline provides its subscribers with free access to its website

ACBA-Credit Agricole Bank announces a CASHBACK QUEST contest for AmExR Cashback cardholders

Ameriabank launches AmeriaToken - innovative application for smartphones of customers using online services

Employees of Areximbank-Gazprombank Group join international Ice Bucket flashmob

Armenian Presidnet: Not everybody is glad that Armenia is joining the Customs Union

Armenian FM may attend inauguration of Turkish President

Armenian President is comfortable with activities of parliamentary opposition

Vice Speaker of Armenian Parliament: Mass violence applied against Yazidis in Iraq is unacceptable

Georgian Military road completely cleared

President of Armenia: Baku organizes provocations at the highest level

VTB Bank (Armenia) to keep increasing its advantages in market of domestic and international factoring in 2014

  • by Erik Abrahamyan

  • Thursday, February 6, 09:21

 In 2014 VTB Bank (Armenia) will keep increasing its advantages in the market of domestic and international factoring by using VTB Group's capacities as a priority. Hasmik Rafaelyan, Head of the Banking Products and Corporate Business Methodology Division at VTB Bank (Armenia), has told ArmInfo's correspondent that having taken a decision to develop international factoring in early 2013 the Bank was going to take the lead in international factoring operations in Armenia. At the yearend 2013, this gave tangible results - almost a 7-fold growth in the portfolio and a position in the top three.     

"Though international factoring as a banking product is becoming more and more popular with every passing year, the factoring market is developing in Armenia mostly due to domestic factoring, and international factoring has not been in big demand until very recently", she says. 

She added that in 2013 the Bank did large-scale work to improve the range of factoring services. It launched new agreements, operation schemes and factoring products. In particular, together with its colleagues from VTB Factoring, which is a member of VTB Group, the Bank worked out and made the first deal of international factoring.   

Along with it, in early 2013, VTB Bank (Armenia) launched a new financial service - Financial Leasing.  Throughout the year the Bank took a number of measures to enhance the popularity of the service. The corporate clients of the Bank were informed of the advantages of the product, and the main advantage was the lack of security requirement.  "In 2014 the Bank is going to further promote the product and create a high quality and steadily growing leasing portfolio. To expand the business and conduct leasing operations with foreign partners, the Bank also intends to expand cooperation with VTB Leasing OJSC, which is one of the largest leasing companies in the CIS", says Rafaelyan. 

According to the Express Ranking of Armenian Banks prepared by the Agency of Rating Marketing Information (ArmInfo), VTB Bank (Armenia) was in the lead in lending throughout 2013. As of 1 Jan 2014, the Bank's lending amounted to 217.2 billion AMD, 38.2% more than in 2012. The activeness in the lending market allowed the Bank to increase the revenues of the balance sheet by 36.7% to 38.3 bln AMD in 2013 and this was the highest index in the banking system of Armenia. This gave the Bank an opportunity to increase its net profit by 28% to 4.9 bln AMD. As a result, the accumulated profit totaled 18.3 bln AMD (46.4% y-o-y growth, 3rd position in the banking system). 

To note, as of 1 Jan 2014, the total capital of VTB Bank (Armenia) amounted to 37.5 bln AMD (23.8% y- o-y growth), while the authorized capital remained unchanged at 13.8 bln AMD. 

VTB Bank (Armenia) joined VTB Group in Apr 2004 and is fully owned by VTB Bank OJSC, the second biggest bank in Russia. VTB Bank (Armenia) is one of the leaders of Armenia's banking sector. It has the largest branch network - 67 branches all over the country. 

Send to a friend

To (e-mail)

Your name



View comments (0)

Be first to comment on this article

* Indicates required fields