Hansa Leasing Increases Factoring Turnover
Hanza Lizingas [Hanza Leasing], the leader of Lithuania's factoring market, hopes for further growth in demand for factoring. In the first quarter Hanza's turnover was 46 million litas (USD 11.5 million), or 1.9 times higher than last year during the same period (23.9 million litas, or USD 5.975 million). The company's factoring portfolio stood at 24 million litas (USD 6 million) as of March 31 this year. International factoring, which was introduced in mid-1999, has contributed to the growth of factoring and now accounts for 41 percent of the company's factoring turnover. Last year the company's gross receipts from factoring came to 131.3 million litas (USD 32,825,000), or 4.3 times greater than in 1998. Hanza Leasing belongs to the largest Baltic financial group, Hansabank Group, whose strategic investor is Scandinavian bank Swedbank. (USD 1 = LTL 4)
