BCR factoring gains 45 percent to EUR 550 mln in 2012 on client boost

Newsroom 27/02/2013 | 14:37

Factoring transactions carried out by BCR, controlled by Austrian Erste Group, soared by 45 percent last year, driven by without recourse factoring.

The number of clients more than doubled due to the increase in volumes financed through factoring and the improvement of BCR’s products and services, according to Valentin Galatanu, deputy executive director of Transaction Banking at BCR.

“Given the present economic situation, we consider that most clients will continue to use without recourse factoring, this product offering, besides financing, also the comfort of payment risk coverage,” said Galatanu. He added that factoring has a great growth potential.

BCR offers short-term financing solutions which use only receivables as collateral, for suppliers of goods and services based on contracts or firm orders and with a fixed payment term.

The lender carries out domestic and foreign factoring transactions, with and without recourse, including the entire range of factoring services such as financing, administration, invoice collection from debtors and payment risk coverage.