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Factors feel the way in Russia
01 March 2007
Simon Pirani assesses the development of factoring in Russia.
Russia's largest factor, the National Factoring Company (NFC), has struck a partnership with Vneshtorgbank (VTB) as competition intensifies in the rapidly-expanding market.
The syndicated factoring programme will bring together the specialist expertise of NFC, which has a 30% market share, and VTB's mighty corporate client base, which is second only to Sberbank's.
Troika Dialog, one of Russia's leading investment houses, is getting in on the act too. In November, 50% + two shares of Eurokommerts, Russia's second-largest factor, were sold to the Russia New Growth private equity fund managed by a Troika subsidiary, Troika Capital Partners. And in mid-December Eurokommerts placed a R1 billion bond on the domestic market.
The turnover of Russia's factoring market has grown from virtually nothing in 2000 to $5.2 billion in 2005. Participants say market volume for the first six months of 2006 was about...
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