The Bank of China (BOC) reported a strong growth in factoring business in the first quarter of this year, with international factoring surging to a 593 per cent increase year-on-year and domestic factoring growing by 166.4 per cent.
Internationally, its export two-factor business grew by 185.4 per cent and at home, its full factoring business grew by 260 per cent and commercial paper discount increased by 132.7 per cent.
BOC is the member of Factors Chain International in China with the largest factoring turnover.
The bank began to offer services in domestic full factoring, domestic invoice discounting and export invoice discounting in 1999.
The export commercial paper discount business, which started in April 2002, has become a new engine of growth of its international factoring business, with the total amount making up 81.6 per cent of its international factoring business.
Source: Asia Pulse Businesswire
