Promsvyazbank announces 2008 results of factoring operations16.02 | 2009
The volume of accounts receivable assigned to Promsvyazbank (PSB) in 2008 reached RUB 142 billion, reflecting a 47% year-on-year growth. The volume of funds provided by PSB to its clients amounted to RUB 108 billion in 2008, up 40% year-on-year. According to IFRS data, as at 1 January 2009 PSB factoring portfolio was RUB 22.3 billion. In 2008 as a whole, clients turned to PSB for factoring services on approximately 700,000 deals with 4,900 debtors, and factoring business performance indicators maintained positive trends throughout Q4 2008. In 2008, PSB entered into approximately 500 factoring agreements, of which 350 were generated by the Bank’s regional branch network. The share of branches in the total volume of accounts receivable assigned to the Bank was 43% in 2008. Last year, PSB remained active in the international factoring. The share of export transactions in the PSB total factoring portfolio increased from 8.7% to 11.4%. As at end-2008, the Bank issued 20 guarantees for the amount of RUB 360 billion. According to Factors Chain International (FCI), in 2008 PSB market share was 74% and 73% in the export and import factoring segments, respectively. PSB has been operating in the factoring market since 2002. The Bank offers comprehensive factoring services to its clients, including the financing of deliveries and receivables management. According to Expert RA rating agency, PSB factoring market share was 19.9% in H1 2008. Thus, PSB remains No. 1 Bank in Russia by volume of accounts receivable and maintains its leadership in the Russian market of international factoring.
About Promsvyazbank OJSC Promsvyazbank, founded in 1995, is one of the leading privately-owned Russian banks, with total assets of RUB407.6 billion, and total capital of RUB46.7 billion under IFRS as of 30 September 2008. Holding company Promsvyaz Capital B. V. owns 84.68% of the Bank, the remaining 15.32% are owned by Commerzbank Auslandsbanken Holding AG, a subsidiary of the second-largest German bank Commerzbank AG. PSB has the following international credit ratings: “Ba2” from Moody’s Investors Service (stable outlook); “BB-” from Standard & Poor's (negative outlook); “B+” from Fitch Ratings (stable outlook). As As of 1 January 2008, the regional network of the Bank in Russia encompassed about 170 sub-branches, 47 branches and 1 representative office; a foreign branch in Cyprus; and foreign representative offices in Kyrgyz Republic, Ukraine, China, and India.
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