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The longest factoring contract in UniCredit is 12 years old

18.01.2016

According to official estimates the longest factoring cooperation in UniCredit Bank has been ongoing for already 12 years and  the average duration of factoring contracts in UniCredit Bank’s current portfolio is 4 years. At the same time 37% of customers have been using bank’s factoring services for 5-10 years, another 10% have been working with bank for more than 10 years.

Back in 2001, UniCredit Bank was among the first on the Ukrainian market to offer its clients factoring as a solution for trade finance, and in 2004 factoring was introduced as a mass product. Today, within factoring services the bank offers trading operations in Ukraine and the export-import operations:

  • receivable management;
  • receivable accounting;
  • deferred payment financing;
  • credit risk covering;
  • information and analytical support.

"UniCredit Bank was a pioneer in the factoring market of Ukraine and preserves its leading position in this segment. Thanks to effective teamwork, relevant and timely decisions, the majority of customers remain with us for many years, and some – almost from the very beginning of the bank’s work with this financial instrument. Most of bank's clients within factoring are manufacturers (food, household chemicals, cosmetics, building materials, etc.) – middle segment of corporate and SMEs. The average annual volume of factoring transactions in recent years is in the range of UAH 1 billion," – said Natalya Tykhovska, head of factoring and promissory notes department at UniCredit Bank.

UniCredit Bank actively cooperates with many Ukrainian companies, both suppliers and debtors. On January 1, 2016, with a merger of FCI* and IFG, two largest international factoring associations, UniCredit Bank as a member of FCI has got access to cooperation with 400 financial institutions (banks and factoring companies) in 90 countries.

* Reference. FCI – one of the largest factoring associations in the world, through which 90% of global volume of international factoring amounting 2.3 trillion euros was carried out in 2015.

 

NOTE

Ukrsotsbank is one of the largest universal banks of Ukraine, operating in the local market since 1990. The bank offers full range of services to individuals and corporate clients.

The renovated Ukrsotsbank emerged on 31 October 2016 as a result of strategic deal whereby 99.9% of Ukrsotsbank shares have been transferred from UniCredit Group to ABH Holdings S.A. (АВНН) in exchange for a minority 9.9% stake in ABHH. Thus, the bank has combined 26-year-old traditions of Ukrsotsbank’s client-centric attitude, European quality of service inherent to UniCredit, as well as international banking expertise of ABHH in a number of European countries including CIS. Thanks to the successful synthesis and synergy of the two assets of ABHH in Ukraine, Ukrsotsbank and Alfa-Bank, the banking market of Ukraine will see the rise of a new stronger financial institution. This, in turn, will spur up technological advance, increase efficiency, improve quality of service for the clients, reduce cost of banking services whereas their range will inevitably expand.

The extensive retail network of Ukrsotsbank consists of 237 branches, its headcount reaching nearly 5 thousand employees.


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