Compania de Factoring sees 45.5m-euro turnover

Compania de Factoring (Factoring Company), which provides factoring services and is controlled by Banca Transilvania and Intermarket Bank Austria, posted a turnover worth 45.5 million euros in the first half of this year. According to company representatives, business posted in the first six months of the year exceeded the forecast level by 10%. Compania de Factoring started to operate in the autumn of last year. The domestic factoring market is controlled by the banks – BRD, BCR, UniCredit, while the number of independent players remains small. In autumn of 2006, the Dutch group ING also brought its factoring division – ING Commercial Finance, onto the market and began outsourcing factoring services from the portfolio of its local branch. According to NBR (National Bank of Romania) records, there is just one more independent player on the factoring market – Direct Factor IFN. BRD-SocGen’s factoring business was worth 700 million RON (210 million euros) in the first half of this year. “In terms of volume, I am sure the market will exceed one billion euros in 2007 (…),” says Valentin Chirca, CEO of Compania de Factoring.