Belgium

The Belgian economy has experienced modest growth in recent years as a result of consumer spending and business investment following a positive trend. In contrast to 2004, when the factoring industry enjoyed growth of 21%, last year

Belgian-Dutch financial services group Fortis reported a 24 per cent rise in fourth quarter net profit, boosted by its banking business, and said it remained fixed on its long-term growth objectives

Introduction

Market Trends in 1999 and 2000

 

French credit insurance group Euler Hermes (EH) has bought the remaining 30 per cent stake in its Belgian unit, Euler Hermes Credit Insurance Belgium, for Ђ55m, becoming the subsidiary's sole owner.

International Factors Belgium (IFB), has announced pre tax profits of Ђ6.7 million for the twelve months to 31 December 2002 compared with Ђ5.67 million in the previous year, a growth of over 18%.

In order to combat delays in payment in commercial transactions, the Belgian legislator has transposed the EU Directive of 29 June 2000 on combating late payment in commercial transactions in its Act of 2 August 2002 on combating late payment (her

As of today, the company formerly known as Credit Lyonnais Eurofactor will be known as Eurofactor SA/NV.

Gerling-Namur, the subsidiary of German Gerling Credit Insurance Group, saw consolidated profit rise 9 per cent to BFr8.43bn in 1999.

Belgo Factors, FMN Finance Housing and Ace Factors, the Belgian factoring companies, are merging today to form Fortis Commercial Finance NV. The new company will concentrate on credit management and advance financing of receivables.