In January, VTB Bank and the Embassy of the Republic of Belarus hosted a meeting to discuss factoring arrangements in export transactions. Participants included representatives from government, National Bank of the Republic of Belarus, heads of major Belarusian exporters, and representatives of banks that provide factoring services. The meeting took place in the VTB Bank building in Belarus.
The participants discussed issues related to Belarusian enterprises’ need for financing and mitigating risks during export transactions, as well as legal regulations of the Republic of Belarus related to international factoring. As a result of the meeting, VTB Bank (Belarus) will carry out pilot financing for export transactions using factoring without recourse.
Elena Kopaneva, Counsellor of the Embassy of the Republic of Belarus in the Russian Federation, said, "Due to challenging global markets, our businesses are faced with the risk of increasing debt arrears. To reduce this risk, we must form a financial infrastructure for exporters consistent with best international practices."
Anton Musatov, CEO of VTB Factoring and Chairman of the Board of the Association of Factoring Companies, said, "The development of international factoring in Belarus will not only contribute to increased exports by local producers, but will also promote trade relations between member states of the Eurasian Economic Union (Russia, Belarus, Kazakhstan, Kyrgyzstan, Armenia). VTB Factoring has the capability and experience in using factoring for export-import transactions."
Vladimir Ivanov, Chairman of the Board of VTB Bank (Belarus), said, “The bank sees strong corporate interest in new financial instruments that are new to the Belarusian market.”
VTB Factoring is a subsidiary of VTB Bank. It has been providing factoring services since 2009 and operates in 17 major Russian cities. VTB Bank branches also engage in building a client base for factoring services. VTB Factoring is a member of major international factoring associations, such as FCI, IFG, and the Association of Factoring Companies.