Russia

Boris Melnikov, CEO of FactorRus in Russia, talks to Factorscan about the company's joint venture, the expertise that its international backers bring to the enterprise and how FactorRus intends to develop its offering in Russia and beyond.

Promsvyazbank (PSB), the largest factoring provider in the Russian market, yesterday registered its new share issue with the Bank of Russia.

Russia s National Factoring Company experienced the highest import factoring turnover in the Russian factoring market last year, reporting a

Russia's factoring market experienced a 36 percent increase in turnover during the first three quarters of 2009 compared to half year results, according to the Russian Association of Factoring Companies' (AFC) first survey of the market.

FactorRus, a factoring joint-venture of Transcapitalbank, Moscow, FIMBank , Malta, and International Finance Corporation (IFC - a member of the World Bank Group), has appointed Mr. Boris Melnikov as its CEO.

The European Bank for Reconstruction and Development is set to become a shareholder of Russia s Promsvyazbank (PSB), after today signing an agreement with PSB and its existing shareholders.

FIM bank are to launch a 58 million factoring joint venture operation in Russia, in partnership with

Rating agency Expert RA has confirmed Promsvyazbank as market leader of Russia s factoring industry for the first half of 2009.

Anna Komarova, Deputy Head of Factoring Unit at ZAO UniCredit Bank in Russia, talks to Factorscan about the process of assignment in Russia and those legal issues faced by factors operating in the country.

Olga Gritsay, President of the Association of Factoring Companies in Russia, talks to Factorscan about the Russian industry's prospects for growth as the country recovers and how rising interest from SMEs has helped the offering.