Nikoil Financial Corporation president Nikolai Tsvetkov said IBG Nikoil turnover on factoring operations topped $380 million last year. He added that the company has set up a special company, National Factoring Company Uralsib-Nikoil, due to the growth prospects in this business.
Tsvetkov said the company is currently the only independent factoring company in Russia with 13 affiliates in key cities and a client base of 500 companies in 40 industries.
The factoring company was formed to maintain an international level of factoring services and rapid growth. He said: "According to our estimates National Factoring Company Uralsib- Nikoil provides about 50% of the factoring services in Russia."
National Factoring Company head Mikhail Treyvish said that, although the company received a banking license only in mid-March, it has already signed 16 agreements with clients.
