Russian bank and Georgia's Kindzmarauli Marani signed protocol on $2 million financing

25.06.2013 (Hvino News) The bank VTB (Georgia), VTB Factoring company, and Georgian wine producer Kindzmarauli Marani have signed a tripartite cooperation protocol concerning a pilot factoring deal limited to some $2 million, news agency Interfax reported from the signing ceremony today.

Note that the Russian news agency's English site erroneously reports the deal at $2 billion instead of $2 million. The incorrect information was reproduced by several other media, who quoted Interfax.

VTB (Georgia) will provide financing to Kindzmarauli Marani and VTB Factoring will assume the risks of the Russian borrower.

VTB (Georgia) and VTN Factoring are affiliated with VTB Group - one of Russia's largest financial institutions.

Kindzmarauli Marani is a company based in Kakheti, which owns up to 500 hectares of land, including 435 hectares under vineyards. The current range of products of Kindzmarauli Marani includes 23 wine brands, including red dry Samepo Kakhuri (Kakhetian Royal), white dry Samepo Kakhuri and naturally red semi-sweet Kindzmarauli Original.

© Hvino News