The Turk Ekonomi Bankas group has released its consolidated balance sheet for the year ended 31 December 2001. The statement shows that the TEB Factoring subsidiary of the banking group has experienced a 51.8% decrease in its factoring receivables assets to 40,902 billion Turkish lira for 2001 compared with 84,915 billion lira for the year 2000.
TEB Factoring A.Ю. was founded in September 1997 as a partnership between Tьrk Ekonomi Bankasэ and the companies of the Зolakoрlu Group in order to provide domestic and foreign trade factoring services. The aim was to provide, within the framework of the principles of the TEB Group, quality service to companies of various sizes from different sectors, who required factoring services.
The company is a leading player in the Turkish market with a market share in 2000 of 10.4%. It is also a member of Factors Chain International (FCI).
Source: BCR
