OREANDA-NEWS. On 27 March 2008 was announced, that Veles Capital IC started realization of Eurokommerz commercial finance company promissory notes program for 2.5 bn rubles (about \\$106,3 mn*). According to the program plan, Eurokommerz will issue 3, 6 and 9 months promissory notes with profitability of 14, 15 and 16%. The main goal of promissory notes program is fund raising for business development.

Eurokommerz is the generally acknowledged leader in the Russian factoring business. According to Expert rating agency, Eurokommerz holds 23,6% of Russian factoring services market (data – 2007, H1; 22,8% in 2006). Also in the 2007 H1 the company was ranked No 1 amongst Russian factors by number of services companies (2025), by amount of receivables (44 bn rubles (about \\$1,9 bn*)) and by amount o provided funding (39 bn rubles(about \\$1,7 bn*)). The company has wide representative office structure – Eurokommerz is established in 57 regions of Russian Federation.

Veles Capital IC has been operating on the Russian market since 1995 and is rated in TOP 10 amongst Russian largest investment companies by total turnover of securities (Kommersant publishing house and RosBusinessConsulting ratings). Veles Capital is generally acknowledged leader on the Russian promissory notes market. The total Veles Capital turnover on promissory notes market in 2006 formed 1, 1 trillion rubles (\\$41,8 bn) and exceeded 630 billion rubles (\\$24,4 bn) in 2007 H1.