Polish factoring turnover rises in 2003, more expected in 2004
Turnover in Poland's budding factoring market grew almost 18% to Zloty 12bn in 2003, said officials at the industry's Factoring Institutions Conference (KIF) yesterday.
Turnover in Poland's budding factoring market grew almost 18% to Zloty 12bn in 2003, said officials at the industry's Factoring Institutions Conference (KIF) yesterday.
Eurofaktor, a factoring company, is planning to purchase invoices worth over ZL1bn and to make a ZL6m profit in 2004. According to preliminary data, in 2003 the company made approximately ZL3m in net profit.
Leasing companies enjoyed a boom last year as the value of assets leased in 2003 exceeded Ђ2.1 billion, a 30% increase compared to a year earlier.
Bibby Factors Polska Sp. zo.o. has announced that effective 1 January 2004 Krzysztof Kuniewicz will take up his appointment as general director of the company.
Economy Minister Jerzy Hausner said that next year's budget deficit will be zl. 3 billion lower than expected. He added that the country will be ready to meet the Maastricht criteria in 2008-2009.
Bank Pekao has increased the capital of Leasing Fabryczny by zl. 15.7 million (US$4.2m), which now stands at zl. 28.1 million (US$7.4m).
Erste Bank is considering a takeover of a Polish bank with a good position in the southern parts of the country, said Erste's chief executive officer Andreas Treichl.
Belgian KBC Insurance raised its stake in Polish insurer Warta from 40.03% to 51.03%.
Next year will see a cut in the corporate income tax (CIT) from 27 per cent to 19 per cent, and the introduction of a flat, 19 per cent personal income tax (PIT) rate for small-business owners, instead of the previous 19, 30, and 40 per cent progr
Poland has lured the nation's banks to finance pre-payments on EU programmes in return for a series of key legal changes, which should significantly boost banking sector bottom lines.