It was announced today that one of the leading figures in global factoring, Veena Mankar, will step down as managing director of Global Trade Finance (GTF), the fourth largest factoring company in India, at the end of this month.
Mrs Mankar, who is leaving due to personal reasons, will continue to be associated with GTF as a non-executive director.
Global Trade Finance, which is a joint venture between West LB AG with a 40% stake, EXIM Bank, 35%, and International Finance Corporation of Washington, 25%, reported a net profit of Rs 13.2 million on a turnover of Rs 5 billion during 2002-2003, its first full year of operation.
Mrs Mankar was instrumental in the development and launch of GTF and quickly won a reputation as a pioneer in export factoring in India.
GTF began trading only in September 2001, and in the months prior to this, Mrs Mankar was able to secure a complex funding arrangement with its three investors.
