The NIKoil Financial Corporation has just announced the establishment of a separate factoring company named "Operational Factoring Company NIKoil" in order to speed up its regional development programme.
Roman Ogonkov was appointed as General Manager and Mikhail Treyvish is to represent shareholder's interests. Mr Ogonkov commented that he hoped the move would “enforce the market development and our profits as well.”
NIKoil IBG Bank started out in the factoring business in February 1999. In 2000 the factoring turnover of the bank reached more than US$20m, which compares with US$1.7m in 1999. According to its own estimates today NIKoil IBG Bank controls some 80% of the Russian factoring market.
