Romania's BRD-SocGen sees 151% boost in factoring revenues, to EUR 509mPublish date: 01-02-2008
BRD-SocGen, Romania's second lender by assets, reported a 151 percent increase year-on-year in 2007 regarding its factoring revenues, due to a boost in internal factoring, a release by the company reads.
The bank's 2007 revenues coming from the factoring activities totaled 1.7 billion lei (509.4 million euros). Most of the money came from internal factoring, as revenues reached 1.25 billion lei.
International factoring went up 147 percent, year-on-year in 2007. The lender said the total number of clients who used BRD's factoring services stood at 496. This translates in a portfolio exceeding 1,000 debtors and a total of 180,000 managed bills.
BRD SocGen estimates revenues this year will reach to 500 million euros on the factoring segment. The lender has more than 2.3 million clients and runs approximately 750 units.
Factoring refers to the selling of a company's accounts receivable, at a discount, to a factor that then assumes the credit risk of the account debtors and receives cash as the debtors settle their accounts.
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