Raiffeisenbank announced the launch of international import factoring. The bank acts as an import factor, offering services to mitigate the credit risk of Russian importers by providing guarantees to foreign financial organisations.
The bank joined Factors Chain International (FCI), a global network of commercial financial companies, to provide guarantees to other FCI members (companies and banks).
«International factoring is the most rapidly developing instrument in trade financing. For now, only a few banks offer this service, but it’s already quite popular, especially with large retailers that import consumer goods from the countries of South-Eastern Asia,» said Oksana Panchenko, Head of the Corporate Banking and Corporate Finance Directorate and a member of the ZAO Raiffeisenbank Management Board.
ZAO Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. Raiffeisenbank ranks 11th among the Russian banks in terms of assets, based on H1 2013 results (Interfax-CEA). According to the same Interfax-CEA data, ZAO Raiffeisenbank ranked 5th in terms of liabilities of individuals and 10th with regard to consumer lending.
Raiffeisen Bank International AG (RBI) regards both Austria, where it is a leading corporate and investment bank, and 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 17 markets. RBI is the only Austrian bank with a presence in both the world’s financial centres and in Asia, the group’s further geographical area of focus. In total, more than 59,000 employees serve some 14.2 million customers through more than 3,000 business outlets, the great majority of which are located in CEE. Raiffeisen Bank International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Oesterreich AG (RZB). RZB indirectly owns around 78.5 per cent of the common stock, the remainder is in free float. RBI’s shares are listed on the Vienna Stock Exchange. RZB is the central institution of the Austrian Raiffeisen Banking Group, the country’s largest banking group, and serves as the group head office of the entire RZB Group, including RBI.