Czech Republic

Interest in factoring services has increased according to the Q3 2008 results of Factoring Ceské Sporitelny.

The Czech factoring association has published statistical data about factoring market development for H1 2008

Global credit insurance company Atradius Credit Insurance announced today that they have appointed a new general manager for the Czech Republic.

Export Guarantee and Insurance Corporation (EGAP) have signed an agreement with the Czech Export Bank (CEB) on co-operation in insurance of pre-export credits and bank guarantees for SMEs.

Net factoring volume of Factoring Ceské sporitelny rose year-on-year by 28 per cent to Czk16bn (EUR670m).

The Czech factoring market turnover reached Kc70bn (EUR 3.1bn) in H1 this year, nearly 17 percent more compared with the same year-ago period. ,

Czech guarantee and development bank Ceskomoravská zárucní a rozvojová banka (CMZRB) gained a net profit of Kc795m (EUR33.85m) last year, while a year earlier its after-tax profit stood at Kc738m (EUR31.46m).

Stricter bank policies for the provision of loans have given the green light to factoring companies.

Czech factoring companies financed purchases of claims worth Kc32.8bn in the first quarter of 2008.

The Czech Factoring Association have published statistical data on factoring developments in 2007.