Investment and banking group Nikoil plans to retain its position as the leader on Russia's market in factoring operations.
Nikoil’s Executive Director, Mikhail Treilish, said that the bank's factoring business would rise to $70 million by the end of the year. The Russian market in factoring operations will total an estimated $100 million at year-end.
Nikoil has been in the business since 1999 and is a separate division in the business group.
The bank plans to begin import factoring operations within the next few weeks. Currently it engages mainly in providing services to exporters. Factoring operations each month total about $5 million, Treilish said.
Source: Interfax