Trade finance represents an important area for VTB, while factoring is one the most flexible and fastest growing instruments in this field.
VTB Bank has been carrying out factoring operations since 2012. In 2015 VTB became a member of FCI (Factors Chain International),which made the international trade transactions for its customers even simplified. According to FCI statistics for 2019, the total volume of transactions conducted worldwide made EUR 2.9 trillion, of this figure, EUR 137 million occurred in Georgia, representing an increase of 398% over the previous year. In terms of that growth rate, Georgia is a leader both in the region and globally. By the volume of factoring transactions turnover, VTB Bank is the second largest bank on the market with thepercentage share of EUR 29.1 million over 20%.
Today, the full cycle of factoring operations is carried out remotely, without visiting the Bank, and most importantly, customers are able toget the funding within 1 banking day of the date of approval.
The factoring is available for large, medium and small business customers - representatives of the distribution, production, pharmacy, wholesale, construction, transport and other areas.
"The demand for factoring operations is growing annually. An important advantage of VTB Bank is its membership in the International Financial Group, providing the opportunity for our customers to obtain the financing easier. Taking into account individual customer requirements and simplified, fast procedures, make it possible for us to offer our customers the most favorable conditions, and this integrated approach is driven by the growing demand for factoring operations," - said Vladimir Robakidze, Chief Corporate Banking Officer of VTB Bank.