The FINANCIAL -- VTB Bank (Georgia) became a member of Internatioal factoring organization (Factors Chain International – FCI).VTB (Georgia) is the second bank in Georgian market which joined FCI. Factoring is a service which enables sale of products and services with postponed payment, while a seller will be paid upon delivery of goods or service.
Membership of this organization enables to carry out International factoring operations in more than 70 countries all over the world, purchase receivables without spending additional time and money. As a result of FCI membership VTB (Georgia) offers exporter effective and quick finance. The bank will finance all export transactions permitted by law, including export of heavy industry products, food and other goods.
Besides exporters, implementation of factoring operations will be also facilitated for importers.
VTB (Georgia) offers its customers a full range of factoring operations. During the 2015 the bank financed 135 transactions, that exceeds 2014 indicators three times. Portfolio increased by 48%. During September of the current year VTB Bank (Georgia) together with VTB factoring carried out International transaction according to two factoring model, within which VTB (Georgia) financed leading Georgian wine producers, while VTB factoring assumed obligations of the debtor.
VTB( Georgia) General director, Archil Kontselidze, said: “ Factors Chain International membership opens up possibilities in respect of factoring operations. VTB (Georgia) will render factoring service to Georgian companies in more than 70 countries, that gives real opportunity to enhance products realization and develop export market
Noteworthy is the increase of demand for this product in the local market. International factoring finance is highly effective tool for risk mitigation and unsecured finance”.