The meeting combined broad ranging, in depth analysis and review of the current state of the Industry with looking at its future and the opportunities that arise from the rapidly evolving global economic environment.

On Sunday, before the formal start of the meeting, they were welcomed by one of the leading Russian providers National Factoring Company, themselves celebrating ten years of operations in the emerging Russian factoring market. Delegates were offered traditional Russian food and drink, with entertainment provided by an outstanding military male voice choir, with songs including the popular Калинка, калинка, калинка моя!, to which all clapped along!

Proceedings opened formally on Monday, when the delegates were addressed by Mikhail Treyvish, Chairman of IFG.  As Mikhail put it, 2009 has "not been a simple year", but for IFG members a period both of "danger and opportunity".  He stressed the importance to global recovery of the ‘BRIC' economies and welcomed the fact that IFG has gained thirty three new members in the year, "a very good result for turbulent times!"

Chris Barrett of PWC gave an ex-pat's view of Russia, which give the audience an introduction to and personal view of the realities of business and daily life in Russia today.

Erik Timmermans, Secretary General of IFG reported on the development and performance of the Group in the context of the global financial crisis; an increased membership to  over 160 but a reduced volume of International "two factor" business reflecting the trading conditions. He noted both the introduction of the innovative IFG Academy, designed to improve and standardise Industry education and knowledge, and the successful launch of the EU Forum, a new body which combines the forces of IFG, FCI and a range of national factoring organisations to create a powerful new lobbying body.

Mikhail Treyvish, Carlos Baudrand, and Dr Okey Oramah all gave updates on their respective Regional Chapters (CEE and Asia, Latin America, Africa). The common theme was the increasing influence that these emerging areas all have on the development of the global economy and the role IFG members can play in facilitating growth in trade. Corneliu Robu, Simon Peterman and Gerhard Prenner added to the debate.

Panels also discussed the challenges in increasing volumes of two factor business between IFG members. Josep Selles, Alberto Monza and Fernando Gonzalez considered issues relating to skills and knowledge transfer as well as risk management.

Peter Brinsley spoke on the importance of Industry education, Filiz Unal on information and communication, whilst Dr Ulrich Brink shared experience of regulation in the German market and the wider potential effect of increasing regulation generally. John Gielen brought to life the success of the launch of the EU Forum, describing the creation of a truly international vehicle for unified communication with European government.

The first day closed with a reception held with the kind co-operation of the African Export Import Bank, which introduced many of the new members who have joined the Group over the last year.

Second day presentations from Simon Featherstone, Jan Berent Heukensfeldt - Jansen, David Robinson and Nic Perkin all communicated different aspects of challenge and opportunity for the Industry. Their common references to the importance of leadership and innovation were clearly apparent in their commentary and examples.

Daniel Bolschun, Roman Ogonkov, Gerhard Prenner, Simon Thompson and Daniel Tso shared their thinking and considerable experience regarding the development of emerging markets, ranging from the challenges of raising finance to understanding market structures and having to be self reliant because of lack of local infrastructure.

The critical importance of IT in supporting members' operations was not forgotten. Presentations from John Smith, Oliver Rölle, Kevin Day, Laurent Tabouelle and Otto Johannsen all conveyed the applications and advantages of systems and products from these sponsor providers.

Richard Hawkins gave an assessment of the extra demands of managing risk in troubled times. This challenge was then clearly demonstrated by the contrasting positions of Credit Insurance providers (Andreas Steinborn and Daniel - Francis Morin) and that of users (Philippe Zamaron and Peter Ewen). This session highlighted the need for effective communication and understanding in managing mutual business in difficult times.

Daniel-Francis Morin also shared his thoughts on the potential for IFG and FEBIS (European Federation of Business Information) to work together.

The third day of the conference comprised a programme of events and activities that allowed the delegates time to network and catch up with old friends. They were able to discuss their thoughts whilst touring a city possessing a profound cultural and political history and one blessed with a unique architectural heritage. The world famous Hermitage and the Summer Palace provided dazzling backdrops to the business conversations.

One of the major formal elements of the Meeting is to present for election the candidates for office of Chairman and Vice Chairman, as well as members of key committees for the following year. The final business of the meeting was to elect these leadership positions, together with confirming the elections for members of the Education, Legal, IT and Marketing Committees.

Cengiz Ucbasaran from Garanti Factoring of Turkey was elected Chairman for the coming year along with Vice Chairman Peter Ewen from Venture Finance Plc in the UK.

The new Chairman commented that this Russian meeting had been "one of the best ever!" in terms of content and network and thanked all those involved. He noted that the total level of two factor business was currently around €18 Bn and challenged the delegates to find ways to grow this figure, not just in volume but in terms of the value it brings to members.  He sees his role as supporting and meeting the needs of members, creating a community for business and working with the Secretary General to double the size of the group. The Chairman will do this through facilitating seamless operation and co-operation between the Group and its members!