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Credit Bank of Moscow has implemented international factoring in the framework of FCI for Snow Queen company
Credit Bank of Moscow has implemented international factoring in the framework of FCI for Snow Queen company

Press Release - 17/08/2021

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/)

 

About Credit Bank of Moscow:

Credit Bank of Moscow (CBM) is a universal commercial private bank that provides a full range of banking services for corporate and private clients, as well as for financial and credit institutions. The bank is included in the list of systemically important credit institutions approved by The Central Bank of the Russian Federation.

CBM was founded in 1992. The beneficial owner of the bank is Roman Avdeev. In the 2nd quarter of 2021 CBM is recognized as the second private bank in terms of assets (according to the ranking of "Interfax-100").

The reliability and sustainability of CBM are confirmed by the ratings of the leading Russian and international agencies: «А» from ACRA, «А» from Expert RA, «Ba3» from Moody's, «BB» from Fitch, «BB» from S&P, «BB» from NCR. CBM was the first Russian bank who received an ESG rating from RAEX Europe at BBB.

CBM’s press service: pr@mkb.ru

 

About Snow Queen:

“Snezhnaya Koroleva” (Snow Queen) is Russia’s largest chain of multi-brand fashion stores. Having appeared in Moscow in 1998 and over 22 years of its existence the company has become a recognized expert in the field of sales of leather and fur products.

Today, more than 120 retail stores of the chain have been opened in both capitals and 50 large cities and also there is an online store with delivery throughout Russia. Snow Queen’s collection includes men's and women's outerwear made of leather and natural fur, casual clothes made of textiles and knitwear, bags and accessories.

According to the results of a study conducted by the independent marketing agency, InDepth, in 2021 in Moscow, St. Petersburg and cities with a population of more than 1 million, Snow Queen’s chain of stores has been awarded the status of the best chain of outerwear stores and the main fur store in Russia.