The CIB group has bought the factoring firm Aginvest-Faktor Rt, Hungary’s second largest factor.
CIB Group’s commercial finance units, CIB Real and CIB Service, each acquired a 50 per cent stake in the factor, which is now called CIB Faktor Rt.
CIB said the acquisition fitted into the bank's strategy to target the SME market and offer them more flexible financial solutions.
Set up in 1999, Aginvest-Faktor has provided factoring services worth HUF100bn. Its services are primarily targeted at suppliers of large companies that typically operate with long payment periods.
Source: Europe Intelligence Wire
