The Central Bank of the Russian Federation revoked the license from the Moscow OJSC AKB Probusinessbank, which was the main settlement bank of Life Factoring and the parent organization for the Life Financial Group. In 2014, Probusinessbank left the structure of owners of Life Factoring, and the bank’s share was distributed among other banks of the group: JSC AKB Express-Volga, JSC VUZ-Bank, JSC CB Go!, JSC Gazenergobank, and the general director of the company, Viktor Vernov.
Life Factoring has been providing factoring and related services to small and medium-sized businesses since 2007. According to the assessment of the Association of Factoring Companies, 40% of market clients have used Life Factoring services. Due to the volume of the client base, the company’s factoring portfolio remains the most diversified in the market. The company’s passive portfolio is also diversified – 40% is funded by SME Bank under the state program to support small and medium-sized businesses, 40% through interbank loans, 20% through loans to legal entities and individuals.
The company’s turnover has already been transferred to external banks.
“ Of course, the loss of Probusinessbank will affect the Life Factoring business as well, but the company’s positions are stable even in the absence of support due to the high diversification of the active and passive portfolio. We help clients who have opened accounts with PRBB. By the end of the week we plan to transfer clients to the current accounts of other banks.