“Factoring operations exceeded EUR960 million in 2014, up 5% compared to 2013, in an economy marked by lacks if investments and high insolvency risk among companies. The increase in volumes was mainly generated by the increase in number of customers to over 600 (+ 33% compared to 2013). The bank managed over 2,000 seller-buyer relations and approximately 300,000 invoices,” the bank said in a statement Monday.
Domestic factoring operations accounted for 74% of the turnover, while international factoring accounted for 26%.
The Romanian factoring market reached EUR2.7 billion in 2014, virtually unchanged compared to 2013.
BRD is the first bank in Romania to introduce factoring operations, back in 1993.