Converse Bank announces second launch of "Team of the Future" program in 2014

VivaCell-MTS supported MES in the creation of backup server center for the Government of RA

Azerbaijan panic-stricken by Lithuania-Artsakh Parliamentary Friendship Group's visit to Artsakh

Political expert: California Senate-adopted Resolution - AJR 32 demonstrates Armenian lobby's muscle

Doubled data and off-net minute inclusions for Orange Panther customers

Hakob Injighulyan's brother refutes information that Hakob is currently in Romania

VTB Bank (Armenia) takes the lead in brand awareness among Armenia's banks

Beeline Regular and Premium unlimited mobile internet services become available for postpaid subscribers

Despite protests of environmentalists, Mego Gold Company gets permission to launch construction of third Tukhmanuk tailing dump

The 6th Pan-Armenian Barbeque Festival will be held in Akhtala on 6 September

Artak Zakaryan: Turkey's efforts cannot help resolve Karabakh conflict

Davutoglu says Ankara will do everything to end "occupation of Azerbaijani territories and Nagorno Karabakh"

President Bako Sahakyan addresses people on occasion of the Day of the Artsakh Republic

Armenian Center of Culture and Education in Israel to organize action demanding recognition and condemnation of Armenian Genocide

Armenia verifying reliability of the reports on an Armenian civilian's crossing the border with Azerbaijan

President of Armenia: Artsakh's independence - irreversible reality now

Nalbanian cannot say when Erdgoan will accept Serzh Sargsyan's invitation

Rostelecom announces new reduced tariffs starting 1 Sept 2014

VTB Bank (Armenia) funds repair and equipment of math classroom at secondary school No.21

Tickets of "Armenia" train running Yerevan-Batumi-Yerevan become cheaper

All outgoing calls to Beeline fixed-line network to cost 5 AMD per minute starting from 1 Sept 2014

Hakob Injighulyan is currently in Romania

Prime Minister of Georgia: Kazbegi Checkpoint on Georgian-Russian border will operate in limited emergency regime

Ilham Aliyev speaks of foreign forces' attempts to destabilize the political atmosphere in Azerbaijan

Armenian citizens' visa-free stay in Georgia to last 90 days within half a year

March of Peace, Unity and Solidarity in Yerevan

U.S. Embassy in Baku offers excuses: California Senate's decision does not represent national foreign policy

Eduard Sharmazanov: Robert Kocharyan said nothing new

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

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