“Bank guarantee for a third party” for the small business entities from VTB Bank (Kazakhstan)

06.03.2015 VTB Bank (Kazakhstan) has developed a new product for small business – “Bank guarantee for a third party”.

In accordance with the product terms, an entrepreneur who is not a client of the Bank or doesn’t have the funds to obtain a guarantee may receive any guarantee issued by the Bank, if a current client of VTB Bank (Kazakhstan) acts as an applicant under this guarantee.

Dmitriy Yakovlev, Deputy Chairman of the Board – Member of the Board, VTB Bank (Kazakhstan) JSC SO, noted, “We offer our clients the guarantees that may be used to provide any mutual relations with the counterparties. The companies are allowed not to divert their funds from turnover and this is the most important advantage regardless of business scale. Our new product “Bank guarantee for a third party” will make it possible to receive any type of guarantee for the companies other than our clients or those which temporarily cannot obtain any guarantee. This is especially convenient for related companies if either company doesn’t meet the Bank’s requirements to obtain guarantee and the other one meet them. ”

The basic advantages of a new product are no need to deliver the documents of a company other than a client of the Bank, no requirements to it and opportunity to choose the guarantee out of the products line of the Bank: tender guarantee, post-tender guarantee of obligations performance, guarantee of obligations performance under a contract, guarantee of payment, guarantee of advance payment return and other types of guarantees.

For reference:
SO JCS VTB Bank (Kazakhstan) - is 100% subsidiary Bank of the largest Russian OJSC VTB Bank.
License of the NB of the RK No. 1.2.14/39 dated 23.12.2014.
The Bank was assigned international rating at the «BB+» / «Negative» forecast level from Standard & Poor’s Agency.
VTB Bank and its subsidiaries form international financial group which conducts its activities in Russian and foreign markets.
VTB Group consists of more than 30 banks and financial companies in 20 countries of the CIS, Europe, Asia and Africa. The major shareholder of VTB – is the Government of the Russian Federation (60,9%).