The 11 factoring companies belonging to Mexican factoring association AMEFAC expect that their monthly credit operations in 2003 will exceed the 3.98bn pesos (US$380mn) loaned the previous year, AMEFAC chairman Guillermo Lagos Espinosa said yesterday.
Factoring companies have been helped by the scarcity of credit in the local financial system.
Two companies, Factor Banorte and Heller Financial, which have 27.5% and 25.4% of the market respectively, dominate Mexico’s factoring industry.
Source: Business News Americas
