VTB Bank (Georgia)  became a member of International factoring organization

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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   

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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”. 


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