UniBanka will start taking over the receivables of Slovak exporters to Italian customers.
The bank will purchase receivables maturing within 180 days for up to 95 per cent of their face value.
“When an exporter submits his receivable to an Italian customer, the obligation will be taken over by the bank, or our Italian contractual partner Uni Credit Factoring,” said Ivica Bachledovб, head of structural financing at UniBanka.
This offer will be limited to Slovakia as Italy's UniCredito Italiano Group owns 77.21 per cent of UniBanka.
For the first quarter of 2003, UniBanka's profit after-tax accounted for Sk115m (Ђ3m), up by 50 per cent year-on-year.
UniBanka's second biggest shareholder is the European Bank for Reconstruction and Development (EBRD), with a 19.9 per cent stake. The Economy Ministry holds 1.09 per cent.
Source: Associated Press
