FactorRus, a factoring joint-venture of Transcapitalbank, Moscow, FimBank, Malta, and International Finance Corporation (IFC - a member of the World Bank Group), has appointed Boris Melnikov as its CEO.

Mr Melnikov, a Russian national, is a graduate of the Plekhanov Academy of Economics, where he read Finance and Banking, Economics and Economic Science. His work experience includes a four-year experience at Promsvayzbank, a Russian commercial bank, where he was an economist and later promoted to head of 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 in the Russian market.

FactorRus, will be offering factoring and other receivables finance products and services to Russian corporates and SMEs. Factoring offers an alternative source of funding, particularly to SMEs. Traditional bank financing for Russian companies has become scarce, especially after the global financial crisis. FactorRus has set out to help fill this gap by providing short-term funding against receivables.