HVB Factoring Ltd., a daughter company of HVB Bank Slovakia, will launch its business activities in the Slovak Republic in June. According to spokesperson Andrea Kollarova, a 20 per cent share in HVB Factoring will be taken by the specialised Factor Bank of Austria.
The main objective of HVB Factoring is the achievement of a 20 per cent market share by 2006 – 2007. With turnover exceeding Ђ100m the company would rank among the top three market players in Slovakia.
Increased interest in factoring services is leading to rapid development of this sector. The factoring market experienced 88 per cent growth over the last four years, up from Ђ224m in 2000 to Ђ422m in 2003.
HVB Bank brings to HVB Factoring expertise in the Slovak market and its clients, while Factor Bank will contribute with the know-how, said Christian Suppanz, head of the Board of Directors of HVB Bank.
