VTB Factoring CEO, Anton Musatov, and the Association of Energy Service Companies (RAESCO) CEO, Irina Bulgakova, have signed a cooperation agreement to develop factoring in the sphere of energy services.
"This agreement aims to develop factoring services for energy companies. Through cooperation, we will be able to expand our factoring portfolio of energy service contract project." said VTB Factoring CEO Anton Musatov.
"The document outlines cooperation in a number of areas, including assistance in state regulation and developing a methodology for energy and factoring services. We will be able to pool our experrtise in energy service contracts procedures and provide guidance during contract signings," said RAESCO CEO Irina Bulgakova.
VTB Factoring is a 100% subsidiary of VTB Bank (PJSC). It entered the factoring market in 2009 and is currently active in 17 large cities across Russia. It also offers factoring services through VTB Bank branches. VTB Factoring is a member of Factors Chain International (FCI), the Interface Financial Group (IFG) and the Russian Association of Factoring Companies.