News IFG Newsletter – december 2010

Contents

1. C hairman of the IFG Board, 6. Education

Peter Ewen............................................................ 2 and Events diary.......................................... 9

“Connecting and supporting 2. S ecretary General, 7. Member Offers..........................................10

the Commercial Finance Industry
Worldwide”
Erik Timmermans......................................... 3
8. N
 ew member:
3. IFG Consultant, FactorRus................................................................12
John Brehcist........................................................ 4
9. N
 ew Member: Santander
4. IFG Annual Meeting Commercial Finance...........................13
Madrid............................................................................ 5
10. IFG contact information.........14
5. IFG International
Managers Club................................................ 6

Peter Ewen
The Chairman of the IFG Board
Our three ‘pillars of wisdom’
are good for business
2 Newsletter december 2010
1. Chairman of the IFG Board,
Peter Ewen
Another year is drawing to a close, and
as the newly elected IFG Chairman it is
my task to reflect on the last 12 months,
and of course look forward to 2011.
First, the highlight of my year was to
have the honour of being elected as your
chairman and I will do my utmost to repay
your trust. Cengiz Üçbasaran is a tough
act to follow and I take this opportunity
thank him for all his hard work during his
chairmanship.
Whilst this year has been notably less
turbulent than at the height of the crisis,
recent events in Europe have reminded
us we cannot be complacent. At our
excellent Annual meeting in Madrid
Daniel Navia of BBVA Research observed
that it is still unclear whether the US and
other growth economies can maintain
the current improvement. Conditions are
likely to remain challenging for the next
year, for us all.
One of my principal concerns in 2010
has been the enduring scarcity of
traditional bank finance for SMEs. This
was highlighted by a recent survey
commissioned by Venture Finance among
the UK’s accountants and debated within
our Financing Britain’s Growth Think Tank.
I believe this is true of most developed
and developing economies and presents
a wonderful opportunity for IFG members
who can support SMEs through invoice
finance, which is sustainable, provides our
clients with certainty and is favourable to
our parent Bank’s balance sheets. I also
believe we have a role to play to sustain
growth we must help restore confidence
and trust in the financial sector of as a
whole.
Notwithstanding the challenges of the
current economic climate, there are plenty
of opportunities. As Cengiz reminded
us at the AGM, the potential market for
our industry is worth $15 trillion. To win
our share we have to focus on the three
pillars of the IFG.
The first of these is continued development
of education and training, particularly
through the IFG Academy. This is crucial
in the face of the increasing complexity
and regulation – from Basle 3 and other
sources – with which our members have
to deal.
This will also assist us in developing
our central pillar, the two factor system,
where we are committed to obtaining
a greater number of active members.
It’s worth noting that, at the end of
November on a twelve month basis, the
two-factor turnover has increased by
33.4% to reach almost 3 billion Euro. Not
only that, our new members have started
slowly but surely to develop this part of
their business. Follow their example!
Finally, third and not least, we need to
continue to pursue our networking and
lobbying activities and links with like
minded associations.
These three core pillars differentiate us
from other factoring organisations.
To this end I extend a warm welcome to
our new members! Please spread the
word and let’s help Erik to get many more
new members in 2011! As two factor
members let us also make a pledge to
increase our IFG two factor business in
2011!!
2011 will be an exciting year with many
excellent training and networking events
(for example the IFG Academy which
will run again through the year 2011and
the GM Club which will take place in
Marrakesh on 3rd March 2011), which I
urge you to and your staff be involved in.
The year will culminate with our Annual
Meeting which will take place in Miami.
To finish, I’d like to wish everyone a
happy holiday season and a prosperous
New Year. I very much look forward to
serving you as Chairman during 2011.
Peter Ewen
IFG Chairman
Managing Director, Venture Finance
 2. Secretary General,
Erik Timmermans

Erik Timmermans No fewer than 12 new members have
The Secretary General joined IFG during the last quarter! Some
of them will introduce themselves in this
newsletter, but of course our members
can find full contact details and company
presentations on the private part of our
website. A warm welcome to:
• Santander Invoice Finance, UK (Santander
doesn’t need any introduction!)
• Bibby Financial Services Asia, Hong
Kong (welcome back Ian Watson!)
• FactorRus, Russia (joint venture of
Fimbank, Transcapital Bank and IFC)
• China Delta Export, UK (offering
Factoring and supply chain Finance
solutions in China)
• Neurosoft, Greece (IT solutions sponsoring
company)
• Menafactors, United Arab Emirates
(Fimbank subsidiary)
• India Factoring and Financial Solutions,
India (Joint venture of Fimbank, Banca
IFIS and Punjab National Bank)
• Banco Financiero del Peru (part of the
Pichincha Group)
• SEB AG, Germany (part of the Swedish
SEB Group, joining their colleagues of
Sweden and Poland in IFG)
• Henan Worldwide / Sinofactoring, China
(a new independent factoring initiative
from an important trading group in
Zhengzhou)
• Priorbank, Belarus (part of the Raiffeisen
Group and opening an interesting new
country on IFG’s map)
• LKB Leasing, Latvia (part of the LKB
Bank, welcome back to Gundars
Peterson!)
With these new members, a very
interesting “wind of change” is blowing in
the international factoring environment.
Today, IFG is widely recognized as the
leading global organization defending
the interests of the factoring and
commercial finance industry worldwide
with education, lobbying and industry
information. Now that this part of
IFG’s value proposition is on cruising
altitude, it is time to re-focus also on the
development of the two-factor business
opportunities between members. And
with the exception of course of the
new sponsoring member, all these new
members have the ambition to develop
import and/or export business with their
colleagues in the IFG network. I wish
them all a lot of success!
The development of two-factor business
was high on the agenda of both the
International managers’ Club in Athens
in September and the Annual Meeting
in Madrid in October. From both great
events you will receive a detailed
summary in this newsletter.
Also in September our Latin American
Chapter organized a very successful and
highly appreciated Seminar on “How to
launch international factoring activities”.
This seminar will certainly bring us some
additional members and business in this
important world region.
I also met with CGA in Paris who will
end their two-factor activities in IFG for
reasons of cost savings in their new IT
environment, but they have decided to
stay on board as Associated Partner of
IFG. This is a good example of the value
added by IFG membership in a range
of areas and not just in the two-factor
environment.
The first year of the IFG Academy is
coming to an end and we are already
preparing the 2011 edition which will
be organized in Vienna with the kind
support from Raiffeisen International
Bank who lend us their training premises
and help in getting very interesting hotel
accommodation for students. Elsewhere
in this newsletter you will read more
about the IFG Academy and about other
events in 2011.
Registration for our traditional General
Managers’ Club (Thursday 3rd March in
Marrakech with the kind assistance from
Maroc Factoring) will be open when this
newsletter goes live. Don’t wait too long
to register; it promises to be a wonderful
event in a fairytale city. A great way
to start the new business year and to
network with your colleagues from all
over the world!
2010 is almost over. I believe that it
was a challenging but positive year for
our industry. May 2011 bring you lots of
profitable business!
Kind regards and see you soon!
Erik

3 Newsletter december 2010


John Brehcist
IFG Consultant
“Education is key
to developing the knowledge
of the next generation of leaders
in our industry.”
John has recently joined IFG as Consultant and is
responsible for the continuing development of our IFG
Academy program
He has twenty five years industry experience and now
runs his Roundwindow consultancy service. John is
also an Independent Director of The National Factoring
Company, Russia. He was Head of Strategy and
Research in Lloyds TSB Commercial Finance Ltd, John
has an MA from Oxford and a Distinction level MBA
from Warwick.
4 Newsletter december 2010
3. IFG Academy
An intensely cold and snowy Brussels delivery, it is too easy to forget that
held a very warm welcome for the this is its first year of operation. I have
culminating sixth Module of the inaugural no doubt the programme will continue
IFG Academy on 30th November and 1st to develop and grow in reputation as a
December 2010. key source and measure of International
Industry knowledge.
For those that have followed the whole
course over the last year, the Academy And so the good news is that registration
has required significant effort and input. is now open for the IFG Academy 2011
Before attending this last module, the programme. This new cycle will take place
students have participated in five previous in the historic and dramatic city of Vienna,
intense two day sessions (all led by a courtesy of Raiffeisen International Bank,.
select team of Industry professionals), and will again be delivered by Industry.
created a set presentation and have had. experts who can share their extensive
to face five multiple choice question exams. specialist knowledge with the candidates..
This final module, perhaps the most
In turn, the candidates will have the
op­por­tunity to meet colleagues from
challenging of all, required them to take
different businesses operating in a range.
an active part in an intensive team based
of cultural, legal and regulatory regimes,
business simulation exercise designed to
developing their knowledge and under­
test their acquired knowledge in a realistic
environment. Small teams had to take the
standing, as well as creating a personal
network that will support them in the
helm at imaginary factoring companies
years to come.
and watch how their combined decisions
affected their company’s performance I happen to believe that building these
over time, whilst real world complications networks of the future senior figures in
had to be faced and dealt with. Make no our businesses is a key element in the
mistake, this was a challenging process ongoing growth of the global influence
and the emotions and stress were quite and reputation of our Industry - and is
real! All however rose to the challenge thoroughly worth supporting.
and the judges were impressed by the
Access to this programme is a real advan­
entrepreneurial spirit and teamwork that
tage of IFG membership and I commend
was evident throughout.
it to all members.
Following the performances demonstrated.
John Brehcist
in this last module, the Education Com­
mittee, led by Peter Brinsley (Committee
Chairman) and Erik Timmermans, was IFG Academy - Roll of Honour
delighted to be able to confer the first
programme graduates with the IFG Distinction top scores
Academy Diploma, recognising their very Romania Romfactor Mr. Serban Andrei Stoica
considerable efforts and input.
UK LLoyds TSB CF Mr. David Cole
Six candidates achieved a pass level
diploma and a further six achieved Distinction
distinction level; their names are listed in
Germany HSBC Ms. Nina Laufenberg
a roll of honour below. Special mention.
must be given to the two students who Spain EuroFactor Mr. Enrique Sanchez
achieved the equal highest overall scores, UK LLoyds TSB CF Mr. Matthew Richards
Serban Andrei Stoica of Romfactor,
UK Universal Impex Mr. Beej Chandaria
Romania and David Cole of Lloyds TSB
Commercial Finance in the UK.
Pass
Having recently become involved with Finland Pohjola Ms. Jonna Fanfani
the Education programme at IFG, I am
Finland SEB Mr. Sirpa Kosonen
constantly reminded of the intensity
of effort that has been put into the IFG Italy IfItalia Ms. Rosa Cilino
Academy, both from the students and by Netherlands IFN Finance Ms. Jolanda Arp
the organisers and presenters. It really Netherlands IFN Finance Ms. Esmeralda Westerborg
has been an impressive operation and
looking at its professional content and Poland Multifactor Sp. Mr. Marek Koltun
 4. IFG Annual Conference
Madrid 2010

Madrid One hundred and twenty of the most
senior global Factoring and Asset Based
Lending professionals gathered in the
historic art quarter of Spain’s dramatic
capital city of Madrid for the 2010 Annual
Meeting of the International Factors
Group (IFG).
The meeting maintained its well earned
reputation for offering participants the
opportunity to combine expert, up to
date analysis of the industry and its
trends, together with the chance to meet
like minded professionals to develop
existing and new business relationships.
“A broad ranging The meeting was opened by the Chairman
and focused Annual Conference of IFG Cengiz Üçbasaran who reminded
the audience of the $15 trillion potential
held in Madrid” market for the Industry and IFG’s role in
exploiting the opportunity, educating
and training people and delivering
networking events to build relationships.
Erik Timmermans, Secretary General of IFG
reported on the progress the organisation
has made over the last year and focused
on the wide range of new members
attracted to IFG. These have come
through the combination of supporting
business through the international
network of “two factor” business and
from knowledge development through
the Regional chapters and educational
programmes such as the highly successful
IFG Academy.
and all recognised the importance of
their chapters in building the IFG network
to facilitate global trade.
The conference also gave the opportunity
for a range of senior figure both in
and around the Industry to present
and debate the current issues and
opportunities facing the Global Factoring
and Asset based Lending communities.
The Conference was interactive; a
roundtable discussion session gave
all the opportunity to give the Board
feedback on the Groups activities and
areas which could be developed. A panel
session hosted by Bob Lefroy of Business
Money considered likely development
trends within the Industry. New members
introduced their businesses to the
Group and answered questions on their
development plans.
The Meeting also held elections for the
office of Chairman and Vice Chairman:
Peter Ewen from Venture Finance Plc
UK was elected Chairman and Gerhard
Prenner of Raiffeisen Factor Bank became
Vice Chairman. The new Chairman will
work to build and develop the Group,
supporting the Secretary General in
delivering services to the increasing
member base.
John Brehcist

John Gielen Independent Chairman of

the EU Federation for the Factoring and
Commercial Finance Industry spoke of
the successful development and growth
of the EUF, the body which combines
the strength of IFG and a range of
factoring and trade organisations, to
lobby Brussels to raise awareness and
influence EU policy and lawmaking.

IFG has four Regional Chapters and each

leader gave an update on their respective
areas (Central & Eastern Europe, Asia,
Latin America and Africa). All reflected
on the role of their Regions in the
recovery from the global financial crisis,
with emerging markets leading growth

5 Newsletter december 2010


Enrico Bravenboer
IFN Finance BV, Netherlands
6 Newsletter December 2010
5. International Managers Club
in Athens
The International Managers Club was held this year in Athens: This is a personal
view from Enrico Bravenboer, International Manager of IFN Finance BV of the
Netherlands
In September IFG held its International
Managers Club in Athens Greece. The
meeting started on Monday afternoon
and ended on Tuesday afternoon, giving
most attendees the opportunity to travel
on Monday morning to Athens and return
home on Tuesday.
Not for me however; as flights from
Amsterdam airport only leave in the
afternoon, I traveled on Sunday. I do
not like having dinner on my own, so I
had already agreed with Peter Brinsley,
Chairman of the Education Committee, to
have dinner on Sunday night. He sent
me an e-mail days before the meeting
to point out where to go with the Metro
(new Metro line which was developed
for the Olympics held in 2004). I took
the Metro, but while sitting in the Metro
I decided to ignore Peter’s advice and to
look at a Metro map to find an exit closer
to the hotel.
On Monday afternoon we started
the meeting with a small but highly
experienced group of 17 factoring
colleagues dealing with international
business. After the kick-off presentation
by Erik Timmermans in which he
informed us about the development
of the International Factors Group and
international factoring in general, Peter
Brinsley presented, on behalf of the
Believe me, never ignore the help of your
International colleagues, because when I
arrived at the station no one could point
me in the right direction and directed me
back into the Metro to follow the route
which was already pointed out in Peters
e-mail! Once I arrived at the right Metro
station, I contacted Peter who picked me
up guided me to the very nice Eridanus
hotel, where I could check into my room.
As to be expected in September the
weather was perfect and we could sit
outside for dinner and end the evening
with a drink at the rooftop bar of the hotel
with a magnificent view of the illuminated
Acropolis.
Education Committee, the initiatives
to support members in their business
development by learning. He explained
the whole range of training facilities
including the well developed “IFG
Academy”. We discussed several
methods to make it attractive to members
to join these programs and seminars and
to increase the number of attendees.

Enrico Bravenboer
IFN Finance BV, Netherlands
7 Newsletter september 2010
5. International Managers Club
in Athens
After a short coffee break, all attendees
had the opportunity to introduce
themselves and their companies by
giving a ten minute presentation. For me
this was a perfect opportunity not only
to explain my role at IFN Finance B.V.,
The Netherlands, but also our company’s
current position under the new ownership
of Deutsche Bank AG. and our future focus
on service development (especially in
international). During all the presentations
there was much discussion, providing for
a perfect opportunity to learn about each
others markets, activities, expectations
and ideas.
The next morning we continued the
meeting with an introduction by Erik
as well as Michelle Cardoens on the
development of IFG and its focus on
re-building two factor activities in 2010.
With this information we were divided in
smaller groups to discuss the topics and
to define proposals for the future.
After these group sessions and coffee
we discussed the outcomes and created
ideas for Erik to bring to the annual
meeting in Madrid, such as:
• Changes in the Grif and/or Dex to
support the development of two factor
activities
• The current pricing system, where also
disputes and new debtors are being
paid for
• If-Exchange; is it future proof and has
the recent upgrade been beneficial to
IF Group members
After the meeting we had two hours free
time and as I do not like to stay in my
room looking at walls, I went for a walk
exploring the magnificent city of Athens,
together with Betul Akdil of Garanti
Faktoring and Jan Christensen of Nordea
Finans. During our short tour we had a
great conversation on our markets and
discussed how the IFG could fit in and
would be the most beneficial to our
companies.
In the evening we had dinner at the roof
top terrace of the hotel with again the
unforgettable view on the Acropolis.
• Counter-Party Risk, how to deal
with it especially since two factoring
companies went into bankruptcy
• The service quality system, does it
reflect reality and is it used to find your
best correspondent factor?
• New products, such as order/purchase
cover (where credit cover already starts
at the production phase).
After many good discussions, we had our
farewell lunch.
Some people left Athens Tuesday
afternoon and went home; some went
shopping. I went up the Acropolis, (once
you are in Athens this is a definite must)
and spent the afternoon sightseeing.
 5. International Managers Club
in Athens

Enrico Bravenboer
IFN Finance BV, Netherlands

The next morning I went home with lots of

information and experiences.

For me this was the best International

Managers Club ever, as a result of the
environment in Athens, the hotel and not
the least the attendees and the content
of the meeting. I really felt that we as
International Managers can make a
difference and create a platform in which
we can learn about each other, network
and also make changes to the IF Group,
which are beneficial to us as members to
grow our International Business and to
provide service to our clients.

Please be there next year, I definitely

will!
Enrico

8 Newsletter december 2010

 6. E ducation and Events
Timetable 2011

General Managers Club Marrakech 03/03/2011-03/03/2011

IFG Academy - Module 1 Vienna 07/03/2011-08/03/2011

IFG Academy - Module 2 Vienna 04/04/2011-05/04/2011

Risk, Product & Process .

London 14/04/2011-14/04/2011
Managers Club

IFG Academy - Module 3 Vienna 09/05/2011-10/05/2011

International Managers Club Istanbul 26/05/2011-27/05/2011

IFG Academy - Module 4 Vienna 12/09/2011-13/09/2011

IFG Academy - Module 5 Vienna 24/10/2011-25/10/2011

Annual Meeting Miami 06/11/2011-09/11/2011

IFG Academy - Module 6 Vienna 28/11/2011-29/11/2011

IT Managers Club TBC TBC

How to develop International

Brussels 06/12/2011-07/12/2011
Factoring : Seminar

9 Newsletter december 2010

 7. Member Offers : Education
Member gets member
Benefit from a 25% discount with the
education package
As from 2011, IFG offers its members the
possibility to buy at the beginning of the
year a “premium education pack”. This
pack can be invoiced together with the
yearly membership fee and contains:
• 1 registration to the complete IFG
Academy 2011 (value 3.500,00 e if
all 6 modules taken by one student, or
4.500,00 e if each module taken by a
different student)
• 1 free access to the e-learning course
“Building two factor business (value 250,00 e)
opportunities and
• 1 free access to the seminar “how
rewarding success” to develop International Factoring
activities” (value 950,00 e)
Total value of this education package is
between 4.700,00 e and 5.700,00 e but
when booked as a package, members
can benefit from the special discounted
rate of 3.750,00 e !
You can book your premium education
pack 2011 now by sending an email to
s.sabatelli@ifgroup.com
10 Newsletter december 2010
Win your free registration to the
annual meeting!
The Board decided to reward members
who introduce us to new members as
follows:
• For the introduction of 1 new member :
1 free registration to next General
Managers’ Club
• For the introduction of 2 new members :
1 free registration to next GM Club
and 1 free registration to the Annual
Meeting
To be eligible, please send your
introduction by email to Erik Timmermans at
e.timmermans@ifgroup.com. The free
registration will be awarded if the
prospective member joins IFG within
12 months following the introduction.
If more than one member introduces
the same prospective company, only
the first introduction will be taken into
consideration.
Please contact Erik Timmermans for more
info. Good luck!
SUPPORTING THE GROWTH OF TWO-
FACTOR ACTIVITIES IN IFG
 7. Member Offers

Supporting the growth of two-

factor activities in ifg
c. Members whose export business
grows with more than 100%
As a direct result from suggestions made
compared to previous year (in
at the International Managers’ Club in
which their export turnover reached
September, the board of IFG decided to
a minimum of 1.000.000€) : a free
approve a series of initiatives to support
the growth of import-export business access to the next Annual Meeting.
flows between members: These free registrations will be awarded
and communicated at the beginning
1)The secretariat will work on a clear of each calendar year, as soon as
distinction on IFG’s website between IFexchange statistics are available.
active and non-active Shareholders
& Partners. If a member is marked as 4) The Board wants to insist amongst
“active” this means that he has provided all active members to send a
“Building two factor business information on its capability and
readiness to offer export and/or import
representative of their company to the
International Managers’ Club, because
opportunities and factoring over the two-factor platform. this meeting is of extreme importance
rewarding success” This measure will make it easier for for the discussion and development of
members to decide which members to two-factor activities.
contact for business proposals.
5) And last but not least, IFG will increase
2) The results of the yearly Service Quality its efforts to assist new members to get
Program will be split in two versions. started with International Factoring:
The first will contain all scores, the
second will only take into account a. All new members get one free
the scores given to correspondents access to the e-learning course
not belonging to the same group of
b. The new Seminar on « How to start
Factors. This measure is believed to
International two-factor activities
give a more objective view on Service
» will be repeated and if possible
Quality.
also organized in different regions
3) Members who develop their export of the world.
factoring turnover will be rewarded
c. Mentoring from an experienced
with free registrations to IFG events:
member will be promoted.
a. Members whose export business
For more information or suggestions,
grows with more than 25%
please contact the secretariat:
compared to previous year (in
which their export turnover reached Erik Timmermans at .
a minimum of 1.000.000€) : a e.timmermans@ifgroup.com
free access to next International
Michèle Cardoens at .
Managers’ Club.
m.cardoens@ifgroup.com
b. Members whose export business
grows with more than 50%
compared to previous year (in
which their export turnover reached
a minimum of 1.000.000€) : a
free access to next International
Managers’ Club and a free access
to next GM Club.

11 Newsletter december 2010

 8. New Member : FactorRus
Corporate profile
FactorRus LLC is a new factoring
company on the Russian factoring market
founded by FIMBank p.l.c. (Malta), IFC
(a member of World Bank Group) and
Transcapitalbank (Moscow) as a 40-20-
40 joint venture. The company’s office is
located in the historical part of Moscow,
not far from the Kremlin.
FactorRus
FIMBank is a leading provider of
trade finance and factoring solutions.
Headquartered in Malta, its strategy is
to further strengthen its global presence,
with a focus on emerging markets,
and enhancing the product range on
offer, namely trade finance, structured
commodity finance, factoring, forfaiting
and support banking services. Meanwhile,
Mr Melnikov the FIMBank Group has announced an
after-tax profit of USD3.39 million for
the six months ended 30 June 2010, an
increase of 16% over the USD2.92 million
registered for the same period in 2009.
Transcapitalbank is one of the most
dynamically developing banking
institutions in Russia, providing all kinds of
banking services for individuals and legal
entities since 1992. The Bank’s attention
is mainly focused on corporate banking
and active support of small and medium
sized businesses in all sectors of national
economy and on offering individually
oriented loans portfolio at the most
Ms Nekhvorosnaya profitable conditions. Transcapitalbank
is a strong private-sector Bank with
supranational shareholders that include
the European Bank for Reconstruction
and Development and DEG, one
of Germany’s largest government-
sponsored development institutions.
Transcapitalbank is considered one of
Russia’s most dynamic banks and is
ranked the ninth most stable financial
institution in the country. It is also among
the top twenty commercial banks in trade
and structured finance in Russia.
IFC, a member of the World Bank Group,
fosters sustainable economic growth
in developing countries by supporting
private sector development, mobilizing
private capital, and providing advisory
and risk mitigation services to businesses
and governments.
12 Newsletter december 2010
Factoring in FactorRus. As a result of
the financial crisis, financing for Russian
companies has become scarce, and
FactorRus will help fill this gap with short-
term funding against receivables. As of
H1 2010, factoring volumes in Russia
reached almost USD 6.17 Bn but are
still far away from the volumes of 2008.
FactorRus’s target group will be the small
and medium sized business sector as well
as top corporate and large retail groups in
Russia. In 2011, FactorRus aims to enter
the top five leading providers of factoring
services in Russia. Today, the company
is able to carry out factoring transactions
in 22 regions of Russian Federation.
The company intends to improve the
knowledge level of prospective clients
in the factoring market, actively increase
local factoring volume and add value
to the Russian market by participating
in domestic and international factoring
associations (AFC, IFG, FCI).
The Factoring team: The company’s team
gained professional qualifications and has
more than five-years of factoring industry
experience. FactorRus team members
are very ambitious, active, creative
and enthusiastic. We are available to
cooperate in difficult projects where non
standard approaches are needed.
Mr. Melnikov has appointed as CEO
of FactorRus LLC. His work experience
includes four years at Promsvayzbank, a
Russian commercial bank, where he was
responsible for international factoring.
Prior to his appointment at FactorRus,
Mr Melnikov served as Deputy Head of
Factoring at Banque Société Générale
Vostok, Moscow, one of the leading
providers of factoring services in the
Russian market.
The Company’s International Division
is managed by Ms. Nekhvorosnaya.
With four years experience in factoring
she has been with the Ccompany since
start up, having moved from OJSC
“Promsvyazbank”.
At FactorRus, we’ll be happy to establish
mutually beneficial relationships with all
IFG members.
 8. New Member :
Santander Invoice Finance
David Totney Santander Invoice Finance
Santander UK are one of the newest
entrants to the Asset Based Finance
fraternity; having acquired the five year
old independent regional business,
Liquidity Ltd, the strategy has been to
build on this solid platform, using it as
a base to support Santander Corporate
Banks UK Invoice Finance service on a
nationwide basis.
Since the acquisition, there has been
all of the demanding activity you would
expect with integration projects and
harmonisation programs with systems
integration and so on. One of the
attractions of Liquidity to Santander was
that we had a strong management team,
robust operating systems and clear
business principles which dovetailed well
with those of our new parent. We are
currently developing our full Asset Based
Finance solution to include inventory
– we have already written revolving
transactions with Fixed Asset backing.
After building a Countrywide new
business and client relationship team,
one of the first actions of the newly
owned business was to join the
International Factors Group. As part
of a truly global bank, the advantages
of being within IFG not only enable us
to work with other member companies
but provide Santander with a tried and
tested infrastructure to encourage intra-
Santander trade, whilst we fully evolve
into a seamless Worldwide corporate
bank.
Although relatively new to Santander, the
team we have already built have a vast
amount of experience in the International
and non-recourse marketplace. Andy
Dodd, Operations Director and David
Bailey, Head of Operations, have already
attended IFG forums to begin the process
of reintroducing themselves to old friends
from around the network and are currently
looking at new business opportunities
on three Continents, although, I think it
is fair to say, only in the early stages of
development.
13 Newsletter december 2010
Santander’s aim is to provide our clients
with one Relationship Director to act
as the focal point for the delivery of
all the various Financial Solutions we
provide. This RD’s main aim is to really
get to intimately understand their clients
business, the people behind it and the
markets they operate in. Once we have
a good grasp of all this, then we can
work with our client to identify exactly
what their financial requirement is and
how to provide the solution. Increasingly
we are seeing International Trade as
the way UK business is working to beat
the Credit Crunch, using the favourable
Pound to their advantage. Having IFG as
a valuable part of our overall solution will
greatly enhance our value to our clients.
An exciting aspect of joining has been
the change in the dynamic of IFG’s UK
membership. We firmly believe that
Santander are extremely well positioned
to exploit the opportunity presented
to us by our International standing, our
strong balance sheet and our desire to
write good quality business. If the UK
economy is recovering, partially as a
result of International Trade, we want to
play an active part in that recovery.
Our team are looking forward to working
with all at IFG, our fellow members,
associates and friends around the World
and to meeting as many of you as is
possible during the coming years.
David Totney
Director, Santander Corporate Bank –
Invoice Finance.
International Factors Group scrl

Av. R. Vandendriessche, 18 (Box 15)

B - 1150 Brussels
Belgium

Tel: 32/2/772-6969
Fax: 32/2/772-6419
www.ifgroup.com
info@ifgroup.com

Newsletter December 2010