OREANDA-NEWS. On 6 February 2008 was announced, that in 2007, PSB’s factoring portfolio more than doubled to RUB 18.3 billion as of 1 January 2008.

The volume of international factoring at PSB increased by 50% year-on-year in 2007, and exceeded US$ 200 million, including the volume of import factoring, which increased by 350%. The share of international factoring in the bank’s overall factoring portfolio increased from six to nine per cent in 2007.

The share of the Bank’s regional branches in the factoring book increased from 31% to 46%, driven by an increasing number of branches that offer factoring services as well as by substantial augmentation of the regional clientele and by growing financing volumes on existing contracts.

In 2007, PSB signed 613 contracts for factoring deliveries, including 421 made by the Bank’s branches outside Moscow. The leaders were the Bank’s branches in the Central, Northwest, Siberian, and Volga federal districts.

About 300,000 deliveries to circa 3,000 debtors were transferred by clients to PSB for factoring. In accordance with the common practice in Russia, an overwhelming majority of factoring contracts provide the Bank with recourse to the contractual supplier of goods or services.

In 2007, PSB became the first Russian participant in the international factoring association Factors Chain International (FCI) that was granted full membership status thanks to substantial increase in the volume of international factoring.

According to FCI data, PSB’s market share in export factoring in Russia is 80% while in import factoring it is about 70%. PSB actively co-operates with factoring companies and banks in China, South Korea, Canada, Germany, France, Denmark, Slovenia, the Czech Republic, Ukraine, and other countries.

PSB has been providing factoring services since 2002. According to the Russian rating agency “Expert RA”, results for 2006 and H1 2007 place PSB second in the Russian factoring market overall, while among banks with factoring services PSB is the number one.