There are 16 factoring companies in the Mexican factoring market, the largest of them being Factor Banorte, Heller Financial and Transamerica Distribution Finance Fatoraje which account for 50% of the market.
BBVA Bancomer is considering moving into factoring operations due to the annual 40% pa growth of this business. Second level banks concentrate most of their operations on meeting demand from small- and medium-sized corporate suppliers through factoring.
Factor Optimo, from Cohauila, also is applying to operate in factoring and, with the eventual move from Bancomer and other newcomers, is expected to improve competitiveness.
A report from the Mexican Comision Nacional Bancaria y de Valores estimates that, as of March 2004, factoring assets total Pesos$11,335m, 18,3% up on the same period in 2003. The factoring portfolio was estimated from Jan - March 2004 Pesos$10,362m and at Pesos$8,737m in the same period of 2003.
