Bogdan Constantin Stoica, Senior Associate of Popovici & Asociatii Attorneys at Law, examines the law relating to factoring in Romania
Once regarded as an intangible financing solution in Romania, factoring has become a real trade finance alternative for Romanian exporters under the conditions of an increasingly competitive market. Despite its youth and lack of tradition in Romania, factoring has seen substantial development in recent years, the market attaining an impressive increase in terms of turnover. However, it is not my intention to present the Romanian market figures, only to offer a general overview of factoring in Romania from a legal perspective. It should be noted however that, in spite of this recent development of the market, the number of key players are rather small and mainly represented by commercial banks while only a few other specialised financial institutions compete with the factors.
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Despite its youth and lack of tradition in Romania, factoring has seen substantial development in recent years, the market attaining an impressive increase in terms of turnover. However, it is not my intention to present the Romanian market figures, only to offer a general overview of factoring in Romania from a legal perspective. It should be noted however that, in spite of this recent development of the market, the number of key players are rather small and mainly represented by commercial banks while only a few other specialised financial institutions compete with the factors.