Boris Melnikov has been appointed CEO of FactorRus, a factoring joint-venture of Transcapitalbank, FIMBank and the IFC.

Russian Melnikov’s work experience includes four years at Promsvayzbank, a Russian commercial bank, where he was an economist and later promoted to head of international factoring. Before his appointment at FactorRus, 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.

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.