CIB Faktor provides additional services

In the first six months of 2009, factoring turnover at CIB Faktor increased by 16 percent, compared to the same period last year, while the Hungarian factoring market contracted by 7 percent. In terms of invested capital, CIB Faktor was the second biggest actor at the end of 2008 with a 10 percent market share. We had a conversation with CEO Gaszton Gál, who told us that differences in conditions between traditional bank loans and CIB Faktor designs diminished. Consequently, many companies opt for this new, more structured financing solution. For suppliers it is a valuable extra service that besides financing, claims are registered, secured and collected as well. Those suppliers, who have marketable products and their buyers remained solvent during the crisis, can still count on factoring resources. At the same time, the economic crisis causes the volume of factorables to shrink and the pay discipline of buyers decreases. In this environment, the factoring market is expected to contract further. CIB Faktor uses precise buyer analysis and stricter monitoring to keep down risks. Their most popular products are CIB Hyperfactoring, CIB Supplier Factoring, CIB Exportfactoring and CIB Municipal Factoring. CIB Faktor’s well-trained employees, wide range of services and its new and improved operating system all strengthen its position on the market.