The leading French factoring specialist, Factofrance Heller, has become part of GE Capital, the financial arm of General Electric, following this company's acquisition of the French financial services group Heller Financial.
There are very few factoring companies in France (25 at the end of 2000), and the five main players in the sector took on 46.2bn in bills last year, representing more than 80% of total volume.
Rumours have emerged that Credit Agricole SA, parent company of French factors Transfact, is to float on the Paris stock exchange. It is understood that Credit Agricole plans to list in the second half of 2001.
Source: Zephus
The French Bank Credit Agricole, owners of the French factoring company Transfact, has acquired 21million shares (equivalent to 1.2%) in Italian banking group Banca Commerciala Italiana (Comit, owners of the Italian factoring company), for L280bn.
In the first half of 2000 investment in start-up companies in France rose by over 25% to FF3.4 bn from FF872m in January-June 1999, according to a study by Chausson Finance.
Trading in the shares of French factoring services specialist Factorem SA and the French insurer Assurances Banques Populaires SA will resume in Paris on 3 August.
France’s second and third largest factors (by turnover and market share) have merged to create Eurofactor, which claims to be the European leader in international factoring.
