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VTB promotes Russian-Georgian trade

26 June 2013

VTB promotes Russian-Georgian trade.

On 25 June 2013, VTB Bank hosted a video conference, «Financing Georgian-Russian Trade: VTB Group’s Potential», sponsored by VTB Factoring and VTB Bank (Georgia).

The event was timed to coincide with the resumption of Russian-Georgian trade relations. VTB Group advised the heads of major Russian retail chains and leading Georgian producers on new opportunities for international factoring in trade between Russia and Georgia.

As part of the event, a tripartite protocol on cooperation was signed by Georgian wine producer Kindzmaraulis Marani, VTB Bank (Georgia) and VTB Factoring. The document includes a pilot factoring deal between Georgia and Russia, with VTB Bank (Georgia) financing Kindzmaraulis Marani and VTB Factoring assuming the risks of the Russian debtor. The financing limit is set at about USD 2 mln.

This factoring deal is unique for Russia and Georgia. Both the financing bank and the factoring company are part of the same financial group, giving the customer maximum convenience and considerably speeding up decision-making.

Archil Kontselidze, CEO of VTB Bank (Georgia), said: «We see a lot of prospects for international factoring in trade between our two countries. In our view, Georgia’s export-oriented economy needs international factoring as a mechanism for covering export risks and an unsecured financing mechanism. Jointly with VTB Factoring, we can offer our export customers this service package on the most favourable terms.»

Anton Musatov, CEO of VTB Factoring, said: «I am confident that our first agreement with Georgia will help to bring trade between our two countries to a new level. We are glad that our first customer is a well-known company, Kindzmaraulis Marani. We hope that this pilot deal will set a good example for factoring in the international arena and we invite all interested companies to cooperate with us.»

Irakly Talakhadze, Director of Kindzmaraulis Marani, said: «The Russian market is of strategic importance to my company and we are happy to be able to present all our products to Russian consumers with the help of our partners from VTB Group.»

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