Sources from the Bank of China (BOC) said that, according to statistics published by Factors Chain International, BOC ranked seventh among 159 members, indicating that the bank had become a leading player in global export factoring business.
In the first five months of this year, BOC completed international factoring business volume of US$421 million, 7.48 times more than the corresponding period last year.
A spokesman for BOC said the fast development of factoring business was attributable to the bank's effective marketing strategies, flexible crediting policies, strong innovative ability and business insurance system, and high quality personnel training.
He said the bank had successfully developed an international factoring business system, which connected both its domestic branches and international factoring systems, largely improving business efficiency and lowering operational risks.
Source: Xinhua News Agency
