The market situation in Turkey provides a welcome change from the wider Europe perspective where the factoring industry is facing a challenging economic environment.
The state-owned Export Credit Bank of Turkey, known as Eximbank, plans to provide US$30 billion in export loans in 2013, according to general manager Hayrettin Kaplan.
Law No. 6361 requires the Turkish Financial Leasing Association, Factoring Association and the Consumer Financing Companies Association to form a single professional union.
The European Bank for Reconstruction and Development (EBRD) is supporting the continued flow of credit to SMEs and local capital market development in Turkey with an investment of EUR50 million equivalent in Turkish lira in notes issued under Yapi Kredi s newly established asset-guaranteed bond programme.
Ulusal Faktoring A.S., an Istanbul-based independent non-bank financial services company, has announced the successful close of its inaugural domestic bond offering.