Expansion during the recession

The factoring market did not escape the crisis either, but despite this negative environment Erste Faktor Zrt. became the most dynamically developing actor on the market. We asked CEO István Tari about the reasons. • T. M.: – How did the economic crisis reshape the factoring market? • – In 2009 the factoring market contracted by 10 percent, largely because of the slump in the building/construction sector and the decline in export turnover. In the first half of 2010 the market expanded by 5 percent. Erste Faktor grew above 50 percent in both years of the crisis. • T.M.: – In relation to the dramatic fall in the number of loans, how did the situation of factoring change? • – The dramatic decline in the number of loans is very sector-dependent, therefore factoring, which mainly focuses on retail, did not fall significantly. • T:M: – Can we expect a continued decline in absolute value? • – 2010 might bring moderate expansion, and in certain fields of retail and the industry growth in real value might be realised in 2011. Significant market growth is only expected for 2012. • T. M. – How do you assess Erste Faktor’s current situation and what are your objectives for the rest of the year? • – In 2010 Erste Faktor is expanding by at last 50 percent, becoming the 3rd-4th biggest actor on the market with a market share above 10 percent.