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Ukrsotsbank expert forecasts the implementation of new products for corporate clients

31.01.2011

Development of new banking products is one of the basic directions in the strategy of bank development. It’s a fair demand of nowadays market. New products are essential for satisfying customer needs in multipurpose and qualitative banking service.

Head of Strategy and Business Development Department in Corporate Division of Ukrsotsbank Ruslana Shpigotzkaya informs about new products for corporate clients: “At the moment we are preparing to launch a new product that is called “Ultrashort revolving credit lines” in order to finance working capital. It’s revolving lines of credit with short term tranches. The main advantage of the product for borrower is the low cost of credit resources, as cost value of tranches will depend upon cost value of banking resources including cost of the resources on inter-bank market that still remains rather volatile. Bank is going to offer the product “short-term money” to a corporate community.

Also, — continues the expert, — Ukrsotsbank started to develop new credit product – “structured trade finance”. This product deals with financing trade operations on purchasing of raw materials for further production of finished goods or on purchasing goods, which will be encashed on external or domestic market, providing that there are corresponding contracts for purchasing or sale. Structured trade finance is provided in form of pre-export financing, stocking finance and post-export financing”.

According to Ruslana opinion, wide line of products allows bank to keep dominant positions at the market, to increase corporate clients’ portfolio and to win new niches of banking activity: “At present Bank is actively developing factoring, including the international one, as one of the alternative variants of the financing. Using factoring services, client gets the possibility to achieve immediately 85% from the future payment amount for the goods that have been dispatched with delay in paying. Client can also use a number of other services: accounts receivable turnover, encashment of accounts receivable, unsecured financing, credit risks coverage, informational, analytic and legal support. As a result client gets increase in sales at the expense of goods delivery on deferred terms, growth in working capital volume and the reduction in its turnover time, cash flow optimization, simplification in achieving of operating revenue, decrease in payment delay period from borrowers, minimization of payment risk, growth of business competitivness”.

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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