The Czech factoring market has grown by some 20% a year over the past three years and the Association of Factoring Companies puts the volume of factoring services at Kc84bn last year.
The factoring market made up close to 3% of GDP last year, while the EU average is about 5%.
Economists foresee a rosy future for factoring in the Czech Republic but the growth will not be so dynamic.
Petr Dufek of CSOB assigned the fast growth of the market to the expansion of firms exporting products and to the size of the Czech market, which is smaller compared with factoring markets in Western Europe.
A survey of HVB Bank, which recently launched its unit HVB Factoring, about 18% of corporate clients are using the service, with more than 40% of clients mulling its use in future.
Factoring Ceske sporitelny, number one on the Czech market, last year saw its sales grow by 40% to Kc22.5bn. O.B. Heller, number two on the market, raised sales by 9.5% to Kc16.2bn...
