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Oct 22, 2007 12:35 EEST
October 22 (SeeNews) - Romania’s Compania de Factoring IFN on Monday reported a turnover of 72 million euro ($103 million) through September in its first year of operation, and raised its 2007 turnover forecast to 110 million euro from an earlier 100 million euro.
Compania de Factoring IFN, a joint venture of local bank Banca Transilvania and Austria’s Intermarket Bank, launched operations at the end of last year.
“The positive development in turnover was mainly caused by the sustained growth of Romanian economy,” Compania de Factoring IFN said in a statement. "A number of new companies were set up and the existing ones expanded to other regions."
The company said it held a 8% share on the Romanian factoring market as of September, and expects to reach 10% market share by the end of 2007. Its clients grew by 33% from end-June.
Construction material manufacturers accounted for the largest part, 28.44%, of Compania de Factoring IFN 's turnover in the first nine months of the year, followed by transport companies.
Factoring is a service for suppliers of goods or services that includes the purchase of accounts receivable by a factoring company. Factoring includes a wide range of services, including financing against assignment of accounts receivable, administration, management and collection of receivables. Six out of the 37 banks operating in Romania offer factoring services.
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