EximBank: 2017 turnover of 162 mln euro from factoring operations

EximBank registered a 2017 turnover of almost 162 million euro from factoring operations, marking the third consecutive year of accelerated growth, according to a press release issued for AGERPRES. 

"In 2017, EximBank continued its upward trend in the factoring segment, with a turnover by 47pct higher than that in the previous year and by four times higher than in 2015. It is an evolution that proves both the market's interest in this type of financing and our ability to generate flexible and advantageous financial solutions for the customers concerned with cash-flow optimization and debt financing, administration and collection. We are pleased that the efforts made over the last three years to strengthen our ability to provide the business environment with complete financial solutions by prioritizing not only lending activity but also complementary banking services such as factoring are paying off," said EximBank CEO Traian Halalai. 

Last year, EximBank customers focused in particular on non-regressive export factoring - which involves assuming the risk to the external debtor (the importer), the risk being fully covered by the import factor or an insurance company. It had a share of 93pct in the total turnover and in terms of volume it more than doubled. Thus, the turnover in this segment increased to 151 million euro. 

"As far as the client profile is concerned, the majority share in the portfolio is still held by large companies, but it seems important to underline that, as compared to 2016, we have managed to attract small companies as a result of our increased focus on this category. It is true that their share is still quite low, but considering that factoring is the most affordable financing solution, under the conditions in which, most of the time, they do not have the necessary guarantees for the purchase of bank loans, we expect to see an increase in the number of small business customers," Traian Halalai said. 

He added that this year, EximBank will continue to pursue the strategic direction of promoting Romanian exports and supporting the development and increase of the competitiveness of SMEs and has set as a priority the adaptation of factoring products to the evolution of the market. 

EximBank is a specialized institution that is actively involved in supporting and promoting the Romanian business environment. Its specific financial instruments are dedicated exclusively to the corporate segment and can be accessed under advantageous conditions by any type of trading company, whether it is an SME or a large company, conducts international transactions or addresses only to the domestic market. Companies also have at their disposal a competitive portfolio of treasury products, cash management, trade finance and factoring, which complete the offer of financing and guarantee. At the same time, because it acts as a state agent on the Romanian guarantee and insurance market, EximBank is the main channel through which the public funds made available by the Romanian state are infused into the real economy.