Canbank Factors, India’s largest factor by market share, have released their annual accounts for the year ended 31 March 2001. Turnover has increased by 21% from Rs. 732 Crores in the previous year to Rs. 887 Crores in the year ended 31 March 2001. The company introduced an export factoring service in December 2000 and there is optimism that their entry into the realm of international factoring will present “tremendous development opportunities in the future”.
N.B. 1 Crore = 10,000,000 Rupees
Canbank Factors accounts for approximately 40% of India’s factoring market according to estimates provided in the chairman’s statement (see below). In 1999 Canbank had a market share of 48%.
