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UniCredit Bank to launch factoring financing programme for SMEs

12.05.2016

UniCredit Bank has introduced a "Factoring as a Business Growth Stimulator" programme allowing small and medium-sized businesses to get financing through factoring mechanism.

To take an advantage of this financing instrument company’s activities must meet the following requirements:

  • receivables must be generated as a result of non-cash transactions;
  • transactions must be legal and properly documented;
  • receivables must be diversified: above 3 debtors;
  • consumers should be regular and deliveries should be carried out on a regular basis;
  • debtors must not be related to client’s company.

“Factoring is an effective source of business financing regardless of a company’s creditworthiness. It can be used by any company which makes transactions with deferred payments. Today factoring is successfully used by suppliers of food, perfume and cosmetic products, household chemicals, medicines, etc. All of these areas have in common high liquidity of goods, as the demand for these products is constant and high. In general, factoring can be used in all areas where companies practice deferred payments, non-cash payments and have permanent trade contracts, – noted head of factoring and promissory notes division at UniCredit Bank Natalia Tykhovska. – The factoring scheme works like this: a company cedes receivables from the delivery of goods on a deferred payment to the bank; the latter pays client an advance, the debtor transfers funds for delivery to the bank account; finally, the bank pays the company debt balance excluding the interest for the advance and factoring fee.”

Today, UniCredit Bank offers three types of factoring services: financing, credit insurance and debt management. Customers may choose any combination of these services depending on their business needs. In each case, the bank offers individual terms, taking into account specifics of a client's business.

 

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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