A new subsidiary division is set in VTB Group - VTB Factoring.Though the company was officially registered last December, it actually started operating this March. Presently, VTB Factoring is staffed with more than 130 specialists.
The Company has already entered into factoring agreements with five of its first customers, while several more agreements are well under way. The total limits under the agreements already signed have exceeded RUB 500 million. Among the customers' borrowers are large chain retailers such as Auchan, Perekrestok, Lenta, O'Key, Diksi and Pyaterochka.
VTB Factoring offers its customers comprehensive financial services meeting the highest quality standards. The Company is set to promote factoring services far across the country. As of today, its offices are operating in 34 Russian cities.
Under its development strategy, VTB Factoring is to be among the top three factoring companies of Russia by the year-end. Then, through developing its regional network, applying advanced information technologies, and streamlining its sales and risk assessment system, the company plans to gain leadership in the market.
"VTB Management made a decision to develop its factoring business striving not only to diversify the Group's activities, but also to support the Russian Government's efforts to improve the current economic situation", - Nikolai Tsekhomsky, member of VTB Management Board and Chairman of VTB Factoring Board of Directors, commented the new business launch. And Mikhail Yakunin, Vice President and Head of VTB Bank Financial Subsidiaries Division, added: "Factoring is a strategic business for VTB Group to help further enhance its product line for corporate customers and increase the volume of services offered. We do hope that thanks to high professionalism of VTB Factoring team and top-quality of services the company is ready to offer their customers, we are sure to be a success in developing this business line".