Lloyds TSB Commercial Finance today announced that it has joined forces with Bertelsmann Finance Service GMBH to provide invoice discounting services to German businesses.
The arrangement enables Lloyds TSB to expand for the first time outside the UK, into Germany. It also allows Bertelsmann Finanz Service, which currently offers only full-service factoring, to expand into the growing area of invoice discounting.
Under the arrangement Lloyds TSB Commercial Finance will provide the funding for clients along with its experience of invoice discounting. Bertelsmann Finanz Service, with its knowledge of the German business market, will be the service provider, dealing the day-to-day management of clients.
