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Raiffeisenbank joins the Association of Factoring Companies
July 4 2017
Raiffeisenbank has joined the Association of Factoring Companies (AFC). As a full AFC member, the bank will be able to contribute directly to the formation of high quality and accessible factoring services market in Russia as well as to develop its own products in line with consumer requirements.
Last December, Raiffeisenbank launched factoring finance products with a team of competent professionals and a competitive offer. The bank’s debut deal was made within the framework of the special finance programme for LUKOIL’s suppliers. Quarus Service that supplies LUKOIL with catalyst agents for oil refining became the bank’s first client.
In addition to traditional factoring products with and without recourse, the bank offers reverse factoring and two-factor international factoring via the FCI international factoring network.
«AFC welcomes Raiffeisenbank to its members,» says Dmitry Shevchenko, AFC’s Executive Director. «The bank is among the leaders on factoring markets of Central and Eastern Europe, and has a wide experience in the field of international factoring transactions, which combined with common efforts of the Russian market players will become a main driver of growth in the coming years.»
«The Raiffeisen Group has a long-term record of successful factoring services in Europe. Russian Raiffeisenbank entered the factoring market in late 2016. We realise that further development of our product to the level expected by the Group may not be possible without close cooperation with other players on the factoring market — AFC members,» says Olga Grigoryeva, Raiffeisenbank’s deputy head of division responsible for corporate credit products and trade finance.
Raiffeisenbank’s decision to join the AFC was approved by the AFC’s Board on 27 June 2017.
AO Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. Raiffeisenbank ranks 14th among the Russian banks in terms of assets, based on 1H 2017 results (Interfax-CEA). According to the same Interfax-CEA data, AO Raiffeisenbank ranked 10th in terms of liabilities of individuals and 7th with regard to consumer lending.
Raiffeisen Bank International AG (RBI) regards both Austria, where it is a leading corporate and investment bank, as well as Central and Eastern Europe (CEE) as its home market. In CEE, RBI operates an extensive network of subsidiary banks, leasing companies and a range of other specialised financial service providers in 15 markets (including Austria).
In total, more than 50,000 employees service 16.6 million customers through around 2,400 business outlets, thereof a majority in CEE. Since 2005, RBI’s shares have been listed on the Vienna Stock Exchange.
After the merger of RBI and its former majority owner Raiffeisen Zentralbank Österreich AG (RZB) in March 2017, the combined institute operates — as previously RBI — under the name Raiffeisen Bank International AG. RBI took over all rights, obligations and duties of the transferring company RZB.
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