Russia’s first independent professional factoring company has entered the market. The commercial bank, National Factoring Company Uralsib-NIKoil (NFC), was the result of a spin-off of NIKoil IBG Bank’s factoring division into an independent factoring company.
In July 2003 the board of NIKoil IBG Bank approved a plan to complete the separation of its factoring division.
The National Factoring Company Uralsib-NIKoil has detailed an aggressive strategy to become the largest factoring company in Eastern Europe with a total turnover of not less than US$5bn by 2008.
The company aims to become one of the world’s top-10 factoring companies in the next 10-15 years, gaining a reputation as the most innovative company with a strong performance in growth rates and quality of services, up-to-date technology and a professional team.
