figure is attributable to the aggregate volume of 60+ members of the National Factoring Association of Turkey accounting nearly 90% of the total factoring market in Turkey. The biggest growth continues to be driven from domestic factoring business with a transaction volume of US$20.8bn representing roughly 90% of industry volume. This is mainly due to a pick up in economic activity and high growth rate in the country’s GDP. In 2010, there has been significant
growth in Garanti Factoring’s customer base and increase in market penetration which have been positively reflected on the company’s financial performance. Garanti Factoring continued its successful
performance with a significant increase of 19% in earnings and achieved a net profit of 9 million TL in the nine months of 2010. The balance sheet size of Garanti Factoring reached 1,427 million TL (€715m while the company continued to enjoy a healthy ROE figure of 21.4%. Total factoring turnover for the period reached €5.9bn. The Turkish factoring industry has been sustaining its strong growth where the competition for market share among players has been quite fierce in 2010 compared to previous years. In the last couple of years, Garanti Factoring has been over performing in terms of growth in turnover above the industry rates. Garanti Factoring maintains its ongoing
support to the real sector through its wide product suite and financial solutions to their customers offering cashflow management through trade finance, secure sales through credit protection of receivables, supply chain finance both in domestic and international business, export and import products as well as commercial collection management. With our unique innovative approach in the sector, Garanti Factoring aims to continue pioneering the offering of new initiatives in customer driven products and solutions and making a change in the sector. Garanti Factoring enjoys a strong shareholder structure, a powerful brand name and a vast local distribution channel being a subsidiary of GarantiBank, currently the largest private sector lender having an extensive network of in excess of 800 branches located nationwide. Through a close co-operation and synergy with the parent bank, Garanti Factoring capitalises on Garanti Bank’s commercial banking expertise
90 November/December 2010
and client history. Garanti Factoring is the leading import factor in Turkey. Cengiz Ucbasaran CEO
UK
Bibby Financial Services UK Since launching our export factoring business nearly a decade ago, we have gone from strength-to-strength and 2010 is no different. We are seeing a record year-to-date in respect of the number of new export factoring clients taken on and export debts factored with growth of 27% year-on-year been achieved despite the challenging economic climate for UK businesses involved in overseas trade. Our core product has always been factoring and with over 25 years' group
ability to service and facilitate cross-border trading and even in those countries where we do not currently have a presence, Bibby Financial Services is delighted to be able to use our IFG membership to offer our clients a seamless service regardless of where they are trading. We remain committed to working with our valued intermediary contacts ensuring we consistently deliver excellent client service through our international business based in the UK. With our team of experienced multilingual staff, which lowers the language barrier that many exporters face and the continued support and stability of the Bibby Financial Services Group we have all the ingredients required to continue our business growth in 2011 and beyond.
David Robertson CEO
Crédit Agricole Commercial Finance 2010 is proving to be a very good year for Eurofactor Group and for Crédit Agricole Commercial Finance in particular. Turnover remains high and the cost of risk remains low. Our belief is that 2011 will continue in much the same vein with continued growth and at least a stable cost of risk. The economy in the UK is at last showing
David Robertson
experience behind us we have the stability, knowledge and funds to support our clients. In addition to export factoring we are also able to offer trade finance facilities – especially valuable for those clients who import goods from around the world. In fact we remain one of the only UK providers to offer exporters and importers finance solutions under one roof and we are increasingly seeing that we are becoming the first choice provider for UK businesses seeking funding for international growth, a reputation no doubt enhanced by our own global network. As the BFS Group continues to increase its global presence it allows us to deliver a truly pan global service to our clients regardless of where in the world their trading partners are. Now with a network of operating companies across the globe including, the UK, Ireland, France, Germany, Poland, Czech Republic, Slovakia, the USA, Canada, Australia, India and Hong Kong, we have the
Business Money
consistent growth for each quarter over the last 12 months. It hasn’t been spectacular but at least it is growth.
Jeff Longhurst
Following on from the credit crunch there remains in force tighter underwriting criteria on the part of the banks, which has limited the amount of money available to businesses. But there hasn’t been a big swing to receivables finance so far to fill a lending gap as businesses don’t seem to be using as much cash as they have in previous
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104