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Czech factoring market rises 5 in 2008Czech factoring companies financed purchases of claims worth Kc134bn last year, a growth of nearly Kc7bn, or more than 5 percent, year-on-year, data from the Association of Factoring Companies (AFS CR) have shown.
Factoring is a financial service based on purchases of claims, usually mature in 30 to 90 days, before their maturity. Domestic factoring amounted to Kc107.3bn and made up the biggest share of the total volume of orders. Export factoring reached Kc24.2bn and import factoring stood at Kc2.5bn. The total turnover of factoring companies grew by 5 percent to nearly Kc142bn. Factoring CS, a subsidiary of the Ceska sporitelna bank, showed the biggest turnover worth Kc35.6bn last year. CSOB Factoring came second with a turnover of Kc28.7bn, followed by Transfinance with Kc22.7bn. In contrast, D.S. Factoring had the lowest turnover of Kc1.7bn. The current global financial crisis will probably raise interest in factoring in the Czech Republic as companies will try to soften possible financial risks even more, AFS CR chairman Tomas Moravek said. At the same time, a tightening of the conditions for providing the services can be expected, Moravek added. "Besides, banks have limited the provision of loans in these times and even companies with a high financial standing, which had financed their activity through bank loans, have started to show interest in factoring," said Jindrich Horak from CSOB Factoring. The AFS had eight members - CSOB Factoring, D.S. Factoring, Factoring CS, Factoring KB, UniCredit Factoring, NLB Factoring, Trasfinance and Raiffeisenbank - at end-2008. Shares of factoring companies on the market in 2008 Company total turnover - share in % Purchase of claims - in % Factoring CS 25.1 23.4 CSOB Factoring 20.2 21.4 Transfinance 16 16.9 Factoring KB 12.2 12.9 NLB Factoring 11.6 9.6 Raiffeisenbank 10.4 11 UniCredit Factoring 3.4 3.6 D.S. Factoring 1.2 1.3 http://praguemonitor.com/2009/01/26/czech-factoring-market-rises-5-2008 589 times read
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