OREANDA-NEWS. May 31, 2012. According to the research published by Expert RA, in 2011, Bank Petrocommerce was ranked 4th among the largest factors by volume of assigned receivables, up by two notches as compared with 2010.

The volume of receivables assigned by Bank Petrocommerce in 2011 increased by 124.6% to RUR 64.76 bln. The research also notes that the Bank’s share in the factoring market in terms of assigned receivables reached 7.4%. Bank Petrocommerce also ranks 4th by the volume of factoring portfolio, which in 2011 almost doubled and comprised RUR 13.6 bln at YE 2011.

"The growth rates of the factoring business fully correspond to the targets set by the five-year Development Strategy till 2016, which positions factoring as one of the Bank’s business priorities. We see considerable growth potential in the current year, including by boosting the business in a few regions and by customizing the product offering for the key market segments. It will not only allow to expand the portfolio, but also to generate higher margins", says Alexander Morozov, Head of Factoring Department. "At the same time, this year we pursue a more moderate policy due to lower market paces of growth. Our 2012 projections provide for an optimistic scenario with the market growth of 40-50% and a worst case scenario with the market growth of 10-20%".

In Q1 2012, the assigned receivables amounted to RUR 19.51 bln, up by 62% YoY.