NCM/Gerling Merger Could Provide Launchpad for Factoring Expansion into Europe


Gerling and NCM are no strangers to the factoring industry, with Gerling acquiring a 49% share in the French company Etoile Commercial in Spring of 2000.

NCM entered into the factoring market with the acquisition of the Danish market leader Forende Factors, from Den Danske Bank in September 2000. This was followed up by the acquisition of BG Factoring AS and BG Garanti Forsikringsselskab AS in April 2001. Analysis of the Danish market in 2001 has revealed that NCM Forenede, the brand under which the factoring company now trades, accounts for 25% of market share by factored volume in Denmark. BG Factoring was the market’s fifth largest player, with a market share of 7% and total factored volume of DKK2bn in 2000. The acquisition of BG from Danske Bank also sealed a collaboration between the company’s past and present owners, under which the bank refers customers who seek factoring services to NCM.



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