Russia

Factoring group Eurokommerz has received a B2 long-term foreign and local currency rating from Moody's, with a stable outlook.

Eurokommerz is Russia's leading factor by volume of transferred receivables, taking around 22% of the market according to 2006's ranking.

Russia's URSA Bank had raised a US$63m syndicated loan with a 12-month maturity.

Experiences in cross-border co-financing and the needs SMEs were the main topics of the 6th Barents Industrial Partnership meeting.

Atradius N.V., a leading global credit insurer, and AlfaStrakhovanie, one of the largest insurers in Russia and part of Alfa Group that also comprises Alfa Bank, have signed a co-operation agreement whereby AlfaStrakhovanie will provide credit insurance in Russia to Atradius clients.

Credit Bank of Moscow (MKB) has increased the turnover of the debt it serves under factoring terms to R3bn since the start of the year, the MKB press service has reported.

The European bank for Reconstruction and Development is acquiring a stake of over 25 percent in SKB-Bank, one of the largest in the Urals, as part of its long-standing support for Russian regional banks. 

MDM Bank is planning to start syndicating a US$500m loan this week. The bank will use the loan to develop its retail business and to finance small- and medium-sized enterprises (SMEs).

NBD Bank in Nizhny Novgorod and the Netherlands Development Finance Company FMO have signed a five-year loan agreement of US$7.5m, the bank said in a press release.

National Factoring Company (NFC) saw quite strong dynamics in Q4 2006 with the gross portfolio of factoring advances up by US$63m over the period compared to an expected US$50m increase.