India’s largest player by market share, Canbank Factors, will be launching their new export factoring service today in Bangalore. Domestic factoring currently accounts for 95% of factoring volume in India. Only two other players in the Indian market, Foremost Factors and the factoring division of HSBC, presently offer an international factoring service although West LB are intending to launch an international factoring operation in India later this month.
This news comes on the back of reports that Canbank’s parent company, Canara Bank, have recently taken over another bank. The identity of the other bank has not been disclosed, but Canbank Factors have stated that the takeover will have no impact on their operations.
BCR Publishing