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MIL OSI Translation. Region: Russian Federation –

Source: Moscow Credit Bank – Credit Bank of Moscow –

MKB (Moscow Credit Bank) took 1st place in the international factoring portfolio and rose 2 lines higher compared to 2022 according to the Association of Factoring Companies.

In the context of new economic realities, the Bank actively developed channels for making payments and receiving export proceeds and is now able to offer clients working mechanisms for financing their business and making payments under contracts.

During 2023, the bank financed international deliveries for 44.6 billion rubles, that is, about 38% of the entire international factoring market in Russia. In 2024, MKB expects to occupy more than 50% of the market and offer clients new tools that will allow settlements within the framework of foreign trade.

The bank was also recognized as one of the leaders in terms of growth dynamics of the Russian factoring portfolio (164% at the end of 2023), which is higher than the growth of the entire market (57% at the end of 2023), and in terms of the dynamics of growth in the number of clients in this direction (27% at the end of 2023). 2023).

This result was achieved primarily by structuring factoring products to meet the specific needs of clients from medium and large businesses and individual industries; for example, complex working capital financing at all stages of the enterprise’s activity cycle was in great demand. The portfolio in this area has more than doubled. The coordinated work of the cross-functional team also had an impact.

For large companies and strategically important projects, ICB offers a factoring solution that allows you to flexibly manage your debt load and non-recourse factoring, when financing is provided in the required amount to remove the risk of non-repayment of funds from the buyer.

“During communication with our clients, we realized that one of the main needs of suppliers is to receive money before delivery of goods. And we offered an innovative factoring solution with attractive conditions to solve this issue. Thanks to this, the client closes the entire financing cycle at once: from purchasing goods to receiving money from the buyer,” says Kirill Pokrovsky, director of the factoring department of MKB.

Factoring services are currently in demand among companies engaged in wholesale trade, manufacturing and services. The Bank also sees prospects for their replication in other industries.

Note; This information is raw content directly from the source of the information. This is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

MIL OSI News (multilanguage service)