Euro Sales Finance Poised for International Expansion
According to MBF Capital's Chief Executive Officer Datuk Loy Teik Ngan, sales by MBf Factoring are looking better than last year. Overall, MBF Capital reported a pre-tax loss of RM284m for its financial year ended Dec 31, 1999.
SBI Factors is looking for certain regulatory changes to ensure that factoring takes off in a major way.
Canbank Factors achieved a turnover of Rs. 1,000 Crores in 1999-2000 and expect growth of 25-30% in the coming financial year. The domestic factoring market in India is in its infancy and thus the growth potential is enormous.
Adossag Borze Kft on Wednesday announced that it will launch an internet debt exchange platform for factoring companies from June.
The bank is a market leader in Germany in the field of factoring, but has suffered a drop recently in its market share - from 24 to 21 per cent - through the loss of a major client.
Deutsche Factoring Bnak increased turnover by 8% to about 1.8bn euros in 1999. Annual net profits rose by 1% to 20.6 m euros. They expect domestic business to grow in the coming months, despite growing pressure to manage costs.
Gerling-Namur, the subsidiary of German Gerling Credit Insurance Group, saw consolidated profit rise 9 per cent to BFr8.43bn in 1999.
Belgo Factors, FMN Finance Housing and Ace Factors, the Belgian factoring companies, are merging today to form Fortis Commercial Finance NV. The new company will concentrate on credit management and advance financing of receivables.