OREANDA-NEWS. On July 07, 2009 As of the Press Service of the Bank with reference to the Head of Factoring Department, Natalia Tykhovska who represented Ukrsotsbank at this forum

Ukrsotsbank participated in the 41st Annual Meeting of the Factors Chain International (FCI). The Head of Factoring Department, Natalia Tykhovska represented our Bank at the forum. According to her, Ukrsotsbank participated in several activities (forum, round tables, meetings), held by the Factors Chain International as part of the 41st Annual Meeting of FCI.

Forum delegates discussed the issues concerning the current situation in the member-countries that was caused by the global economic and financial crisis. Among the major topics - improving mechanisms for payments, guarantee payments factors and control of money flows between exporters and importers, FCI arbitration procedures, ratings of banks/financial companies which will be subsequently given priority in attracting them to the schemes of factoring operations, implementation of new IT technologies ( TSU_SWIFT) and others.

The 41st FCI’s Annual Meeting was attended by representatives of 244 organization-members of FCI from 65 countries, including 8 banks-members of UniCredit Group (Italy, Austria, Bulgaria, Poland, Romania, Russia, Turkey and Ukraine).

During official meetings Ukrsotsbank actively participated in the discussion of relevant issues concerning the status and development of factoring business, particularly in Ukraine, the possibilities for implementation in Ukraine of new rules of international factoring proposed by the countries-partners (with regard to the development of global financial crisis) which had to be taken at the Annual Meeting, through an open voting of the FCI participants.

During the meetings with the leadership of factoring business in UniCredit Group they have achieved several important agreements on transformation of Ukrsotsbank factoring unit according to the standards of the Group, need to improve domestic technologies for the factoring transactions in accordance with the standards of UniCredit Group, in particular, centralization of functions, expanding the product line, improving software.

During working sessions organized by UniCredit Group for representatives of banks and companies-members of the Group, the major indicators and objectives of factoring business in the near future have been defined, at least: keeping the number of existing clients, turnover and number of transactions, budgetary figures of factoring operations, maintaining the leading positions on the market.

Note
Factors Chain International (FCI) - the world's largest international factoring network that connects 244 factoring companies from 66 countries worldwide. The FCI was organized in 1968.