CIB Bank's newly-acquired factoring company, CIB Faktor, announced profits after-tax of HUF230,000 (Ђ915) in 2003 and year-end total assets of HUF5.441bn (Ђ21.64m).
CIB Group members CIB REAL and CIB Service bought Aginvest-Faktor on 24 May this year. The two companies each hold 50% of the renamed CIB Faktor, which is Hungary's second-largest factoring company. CIB Faktor has carried out factoring deals worth HUF100bn since it was set up in January 1999.
The company's services are popular with small- and medium-sized enterprises (SMEs) supplying large companies that can take a long time to pay. Factoring can also be used by companies to finance EU grants or central funding, CIB noted.
CIB Faktor will pay no dividend on 2003.
Source: Hungarian News Agency
