Factoring Portfolio of FUIB has Grown to Almost UAH 200 Million

First Ukrainian International Bank (FUIB) over 2012 achieved considerable growth in its portfolio of factoring services. At 1 January 2013 the factoring portfolio of FUIB totalled nearly UAH 200 million (for comparison, at the end of 2011 the portfolio was slightly below UAH 16 million).

Factoring is a convenient and flexible financial instrument for companies that work with customers on deferred payment terms. Where the additional working capital is required, the company can contact FUIB for the factoring financing service. The advantage of factoring is the absence of need to pledge security with the bank, and the decision on financing is made by the bank within 7 business days from the submission date of the minimum package of documents.

Requirements of FUIB to the customer’s financial standing are rather simple:

• Stability and business history (stable or growing sales over 1 year);
• Annual turnover – at least UAH 4 million;
• Effective agreement with the buyer for supply of goods that are financially stable;
• Minimum duration of contractual agreements for supply of goods between the debtor and customer – 3 months, frequency of shipments to the debtor – at least once in two months;
• Absence of bad business reputation.

The maximum of the advance given to the customer or the financing amount is 88% of the assigned right to claim payment. The maximum payment deferral period is 8 months. FUIB takes into account all deferral terms specified in the supply agreements between the customer and debtor.

“FUIB is a novice in the factoring services market. But with its thorough understanding of customer needs FUIB managed to approach them with one of the best in the market factoring service proposition. Thus the bank achieved the best performance results in the banking market in terms of the factoring portfolio growth rate for 2012. This year we plan to continue developing actively this business activity, enhancing the customer awareness of this convenient for business financial instrument,” says Svetlana Chaykina, Head of Factoring Division of FUIB.

More details about the factoring service from FUIB are available at (+380 44) 231-75-80, at the web site www.pumb.ua or any of outlets of FUIB.