suffered heavily in the global financial crisis. Most exports are industrial products (machinery, transport equipment etc), a third of them going to the German market, a total of 50% going into the five largest countries of Western Europe. The Czech economy is however slowly recovering during 2010. Overall, 2010 has been one of
opportunity, particularly for the independent providers like ourselves who continue to deliver excellent client service, reacting flexibly and working with our intermediaries to ensure we support our clients by delivering the best possible financial solutions. With a very experienced management team in place and the support and stability of the Bibby Financial Services Group we are confident the Czech operation will continue its strong growth. Michal Gabriel
Chief Operations Officer France
Bibby Financial Services France Bibby Financial Services France launched back in 2005 and has developed a strong product portfolio offering non-recourse, recourse and export factoring facilities to the French SME market. We are the only truly independent provider in a market that is very strongly controlled and dominated by the banks and as part of the Bibby Financial Services Group our global presence ensures we can deliver our clients a comprehensive global service on a local scale.
Operating in Lyon and with sales offices in Aix-en-Provence and Paris our dedicated teams are committed to supporting our intermediaries and their clients nationally, working closely with them to anticipate their individual needs and provide appropriate funding solutions. We have experienced over 30% growth in terms of funds advanced to our clients and this is primarily due to our capacity to provide innovative funding solutions at a time when access to credit for SME’s has suffered. We are continuing to follow our
strategy in 2010, which has allowed us to considerably strengthen our profitability. With an experienced management team, commitment to excellent client service and the support and stability of the Bibby Financial Services Group we look forward to continued strong growth for the French operation. Francois D Abzac Director General
Germany
Bibby Financial Services GmbH Bibby Financial Services GmbH was founded in December. Since launching the business we have seen positive growth and have developed a strong portfolio. We are one of the youngest members of the German Factoring Association and position ourselves as the factoring provider for the SME market funding businesses with turnover starting from €500,000 up to €5m.
Bibby Financial Services currently operates in Düsseldorf with sales offices in Munich and Stuttgart. Our full service non-recourse solution is provided to clients nationally.
approach is highly appreciated by our clients where client satisfaction remains high. The recovery of the German economy is continuing in 2010. The pace of recovery has decelerated more than in the first half of 2010, when Germany’s economy benefited tremendously from the rebound of the global economy, which thereby provided additional stimuli to domestic forces for growth. This enabled the recovery in Germany to become both more broad-based and more solid. Germany’s export industry is currently benefiting from the dynamic pace of growth in the world’s emerging economies, particularly those in Asia. One key factor for this positive development is the regional structure of Germany’s trading partners. Furthermore, the structure of German export products is also an advantage at present. The credit insurance market is also recovering, but suppliers adhere to the heavily reduced credit limits. This has a massive impact on the German factoring industry as Germany operates with a non-recourse product only. However our co-operation was able to maintain limits on an appropriate level.
The banks are still risk averse which gives Jörg Freialdenhoven
This year has proved a challenging environment for all. We are proud to have remained open for business and redoubled our efforts to support our clients through challenging times in terms of corporate financing. We were still able to grow our business. Thus, we were also able to recruit further staff and continued growing the operation. Like most, we have faced our clients companies going into liquidation but have been able to keep our bad debts to an acceptable level due to professional risk management and good and timely collection activities. We have been able to position ourselves as a reliable, strong financial partner who understands its client needs and the long history of the parent has helped to underline this statement. The advantage of being independent from the banking market is well perceived and as a family business we are on the same frequency as our clients and target market. We offer flexible funding solutions in the area of factoring and focusing on solutions rather than offering standard products. This
Business Money
good opportunities to grow the factoring product in the market. Nevertheless one of the main challenges is finding the right clients for the factoring product. Lead generation remains difficult as there is still uncertainty in the market and competition is high. Nevertheless due to the aftermath of the financial crisis and due to the supervision we expect a further consolidation of the German factoring market; some players to stop their activities and disappear from the German market. We are very confident and optimistic that we will continue our growth in the German market in 2010 and become the funding partner for the SME segment and create positive market recognition. We will keep our flexible approach and seek out opportunities when looking to expand and develop new products.
Jörg Freialdenhoven Managing Director
Eurofactor AG Sales growth The German Factoring Association reports a strong growth of 38% to €59bn in the first half of 2010, Eurofactor being the fastest
November/December 2010 83
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