Bay View Capital Corporation announced yesterday the sale of its San Mateo-based factoring business with approximately US$25 million in factoring receivables. The sale of the Bay View Funding division was made to a group of investors led by the factoring company's current management team. The transaction is earnings-neutral to Bay View Capital Corporation on a pre-tax basis.
"We are delighted to be selling this unit to the management of Bay View Funding. This group of professionals has been running the factoring unit since its inception and is largely responsible for its success," said Bob Goldstein, Bay View Capital Corporation CEO.
