Credit Bank of Moscow has implemented international factoring in the framework of FCI for Snow Queen company
Credit Bank of Moscow (CBM, Group of companies Region - Rossium) has completed an international import factoring deal in the framework of the international factoring association FCI (previously known as Factors Chain International) by issuing a cover for a Belarusian bank with the largest Russian retailer and importer “Snezhnaya Koroleva” (Snow Queen) company.
This product provides a set of advantages and allows to meet all transaction participants’ needs: the buyer Snow Queen purchases products on deferred payment terms, the foreign supplier receives financing in his bank (export factor) through the assignment of receivables. CBM (import factor) provides coverage in favour of the export factor which allows the supplier to have a non-recourse factoring service.
FCI is an international organization with close to 400 members from 90 different countries. FCI members provide a cover, assign accounts receivables and exchange messages internationally.
Natalya Bakhova, CBM’s Director of the trade finance department comments: “For companies choosing a bank-partner to service foreign economic activity, CBM provides a wide range of products that meet modern requirements of the market: innovation, digitalization, competitive product costs and quality of service. CBM takes into account all clients’ needs and provides with an individual solution if it’s necessary”.
Mikhail Bulushev, BoD member of Snow Queen, PhD of Physics and Mathematics, comments: “It was interesting for us to implement a new product in order to further use this opportunity in negotiations with foreign counterparties. We appreciated the convenience of import factoring implementation: the minimum amount of documentation on the buyer's side and, most importantly, the ability to offer a supplier resources for providing us with a commodity loan”.
CBM is a leader in the portfolio of international import factoring, according to published data of AFC (Association of Factoring Companies) (https://asfact.ru/events/portfel-uchastnikov-afk-na-1-iyulya-2021-goda-prevyisil-983-mlrd-rubley/)