SKB-Bank rated Russia’s 12th largest factoring company

25 October 2007 (11:47)

The Expert magazine summed up the results of Russian factoring market development in January-June 2007. SKB-Bank was rated Russia’s 12th largest factoring company in terms of the money yielded, the bank’s press officer reports.

According to the results of the factoring market research, the total volume of money yielded to Russian actors reached $7.3bn. The share of large businesses dropped from 44.2% in 2006 to 40.9% in 2007, whereas the shares of small and medium-scale businesses went up and reached 16.1% and 43% respectively against 14.4% and 41.5% in 2006.

The Expert magazine reports the volume of monetary claims handed over to SKB-Bank exceeded 2 billion RUR in the first half of 2007, which resulted in the bank’s rating promotion from the 16th to the 12th position. It also became Russia’s second largest factoring business last year.

'Even though getting money through factoring is a relatively new business, it is already enjoying high demand. We get more and more applications every day, and our factoring transactions turnover has already exceeded 3 billion RUR. This means businesses are starting to realize how advantageous this financing mechanism is,’ says Tatiana Ushkova of SKB-Bank.

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