Fitch simultaneously affirms and withdraws Ekspo Faktoring rating
RPT-Fitch Affirms Ekspo at 'BBB+(tur)'; Withdraws Rating.
Aimed at increasing the competitiveness of exports and exporters, the Turkish Exporters Assembly (TIM), TURK EXIMBANK and the Turkish Factoring Association have signed a protocol of cooperation during Uludag Economy Summit, 2013.
Turkey's factoring, leasing and consumer financing companies have showed considerable growth year-on-year, along with their rising net profits, according to data from the Banking Regulation and Supervision Agency (BDDK).
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.