(MENAFN- AzerNews) By Trend
VTB Bank (Azerbaijan), a subsidiary of Russia's VTB Bank PJSC in Azerbaijan, intends to expand entrepreneurs' opportunities for export of Azerbaijani products, Chairman of the Board of VTB Bank (Azerbaijan) Yevgeniy Kirin said in an interview with Trend.
He said the bank plans to launch an international factoring product until the end of 2018.
"We are working on an international factoring product and are planning to launch it this year," Kirin said. "The product will be in demand and promising for clients engaged in trade with Russia."
The use of factoring will enable Azerbaijani producers to work with Russian importers on deferred payment terms and receive payment for products on the day of shipment, he noted.
"Undoubtedly, we are interested so that the signing of this document will allow us achieve our goal - facilitate the growth of export of Azerbaijani products to Russia, simplify and increase the transparency of payments," Kirin added.
VTB Bank (Azerbaijan) has been operating in Azerbaijan since 2009.
(1.7 AZN = 1 USD on Sept. 5)
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