significant proportion of its portfolio in time to come. The Thai economy is expected to slow to a more sustainable growth of about 4% in 2011. IFS Capital Thailand remains quietly confident of the prospects of the factoring business going forward and is confident of maintaining its leadership position in the factoring industry of Thailand despite the increasing threats from banks.
Ley Yen Tan Chief Executive Officer
Tunisia Tunisie Factoring
The Tunisian economy, in the first six months, showed an increase of production and exports in the manufacturing industry. Despite the increase of exportation, importation is still more important. We note a dynamic reactivation of the manufacturing industry in textile, shoes and leather manufacturers. The financial market was marked by a substantial increase of the stock indicators and the new introduction in the marketplace of Tunis. Tunisie Factoring, part of TLG group
(Tunisie Leasing Group), started its activity in 1996. Our group is specialised in the leasing industry, leasing full services and factoring business. Tunisie Factoring’s capital is principally held by Tunisie Leasing (54%) and Eurofactor (36%). Our group is based in Algeria since five years for leasing business; our subsidiary in Algeria plans to develop the factoring business. Also Tunisie Factoring is a member of
the IFG network; which is represented in more than 50 countries by more than 150 members. And this membership provides to our client business opportunities worldwide. During the 2010 IFG AGM, Tunisie
Factoring received the award for service quality export business. It offers to the market all factoring’s services (funding, management and insurance); as well as additional funding as caution to complete funding before delivery. With a special team of 45 persons and due to their large experience in international and domestic business, we can be closer to our clients by bringing them our professional advice. Tunisie Factoring improves its leading position in the Tunisian market, with a 65% market share.
In Tunisia in 2009, the factoring industry benefited from 640 adherents to 29.58 buyers.
At the end of September 2010, Tunisie
Factoring’s turnover reached 256m Dinars (about €135m), which represents a growth of 9.5% compared to the same period in 2009. Over the same period for 2010, the international business achieved 44m dinars (about €23m) which represents 17% of the total turnover.
Fitch ratings has affirmed Tunisie
Factoring’s national long-term rating at “BBB(tun)” and national short-term rating at “F3(tun)”. The outlook for the national long- term rating is stable. The approach of Tunisie Factoring is based on listening to their clients’ needs, taking the time to understand their business and responding with effective strategies and solutions, however big the challenge is.
Myriam Ben Aissa Marketing Manager
Turkey Garanti Factoring
Turkey has been one of the least affected countries from the latest economic crisis due to its healthy financial sector and dynamic private sector. Despite the negative GDP growth in 2009, the country is recovering with expected growth rates between 6% and 7% for the year 2010. Factoring as a relatively young industry in
Turkey with a history that dates back some 20 plus years, has grown significantly in the last 10 years at a compounded average growth rate of 30%. The ratio of factoring volume to GDP, as an indicator of penetration rate, has also been consistently increasing in Turkey over recent years. Factoring industry accounts for 4.5% of GDP as of end 2009 up from 3.4% at the end of 2008. Within three to five years horizon, this ratio is expected to reach 6-7% levels.
In times of a challenging environment and sharp decreases in trade volumes throughout 2009, the Turkish factoring industry has been quite resilient posting a positive growth rate of approximately 7% and reaching a turnover of US $29bn at the end of 2009. Following a contraction in the economy
last year, domestic and foreign demand has picked up in 2010 and as a consequence we saw an increase in the sales volume of the real sector in Turkey. Companies wishing to
Business Money Cengiz Ucbasaran
volumes will increase accordingly and the factoring sector will benefit positively from the extended maturities of receivables as a result of increasing capacity utilisation rates in a way that there will be a growing demand for financing the extended credit terms of the underlying receivables. With the signs of global economic recovery and the posted positive economic growth figures in Turkey the rest of the year proves to be promising in terms of boosting business volume in the real sector.
One of the challenges of the factoring
industry in 2010 is to sustain the trend of profitability growth. The interest rates applicable in the credit market came under pressure as the margins have been shrinking dramatically in 2010. Factoring industry turnover reached US$22.8bn in the first half of 2010. This
November/December 2010 89
increase their sales at a faster pace compared to their competitors in the market offered favourable payment terms to their customers and thus factorable receivables volume increased creating new business opportunities for the sector. We have also seen that the crises environment and the experiences gained had consequently triggered the utilisation in credit protection of receivables and management of commercial collection in the industry. In the first half of 2010, there has been a significant increase in the number of companies requesting and utilising our credit protection and collection of receivables accompanied with financing services. The values add provided through our products and services offering are acknowledged by the companies and this consequently had a positive effect on increased demand. As the overall economic activity picks up in Turkey, factorable trade and thus receivable
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