International Factors Group : worldwide factoring association, import factoring, export finance, international factoring, financial services

We are very happy to report that, on May 1st, 2008, we will welcomed 2 new members !

Fiorito Factoring S.A. based in Buenos Aires (Argentina) is joining as a Shareholder. For more information, please visit their website.

PRVA Financna Agencija d.o.o. (The First Financial Agency Ltd) based in Ljubljana (Slovenia), is joining as a Partner. For more information, please visit their website.

Eurocapital S.A. based in Santiago (Chile), is joining as a Shareholder. For more information, please visit their website.

We are very happy to report that, on April 1st, 2008, we have welcomed 2 new members !

Bibby Factor France based in France (Lyon), is joining as a Shareholder. For more information, please visit their website.

Focus Factor LTD based in Serbia, is joining as a Partner. For more information, please visit their website.

NEW ORLEANS, March 11, 2008 -- The Receivables Exchange (www.receivablesxchange.com), America’s first online marketplace for real-time trading of accounts receivable, announced today that it will join the ranks of the leading asset based financing companies as a member of the International Factors Group (IFG). The Receivables Exchange is transforming and expanding the accounts receivable financing industry as the smart, easy and efficient way for small and medium sized companies to gain quick access to working capital.

03/03/08 - The move towards Asset Based Lending - is the UK going the way of the States?

Martin Fagan evaluates the US asset based lending market and contrasts it with the UK domestic market. Is there an argument for lenders to go towards asset based lending in the UK?

“The cheque’s in the post” is one of the three universal false promises made by scoundrels to optimists (“Of course I love you” being the second; the third is unprintable). When he was President of the Board of Trade in the early 1990s, Michael Heseltine caused a furore when he let slip that, as a young businessman, he only ever paid his suppliers and creditors when the red bill landed on his desk, even when he had the cash in the bank to pay them earlier. It was, he maintained, sound business practice to keep hold of your own cash, but be ferocious and unforgiving when it came to collecting cash you were owed.

For the business awaiting the payment of an outstanding invoice, popular myth has it that you can swan around your debtor’s premises and hit them repeatedly with a fence post until they cough up the dough they owe you. This may have worked for the Kray Twins, but is unlikely to work for you. These days, more modern – and more financially sophisticated - options are available to businesses looking to increase their cash flow.

The obvious option is factoring but businesses looking for not only advance payment on invoices but also more flexibility on how they engineer their cash flow-based finances are looking to the USA and Asset Backed Lending, or ABL for short.

The Asset Based Lending industry in the United States is a $500 billion a year business, in terms of aggregate loans outstanding (based on data for the year ended 2006). According to the Commercial Finance Association (CFA), the US trade association, in 2006, the asset based lending industry grew 16.5 per cent.

“In the USA, the ABL industry is much larger than the factoring industry,” says Mark Mandula, Principal at United Capital Funding Corp, which currently provides only factoring. “In the United States, ABL constitutes $500 billion of loans outstanding, compared to the factoring industry, which had a total of $127 billion in volume for the year 2006. ABL is a huge industry; the Northeast United States is the largest region in terms of ABL outstandings, with 27 per cent of the total, but what we call the ‘rust belt states’ such as Illinois, Ohio and Pennsylvania were among the largest asset based lending markets. In 2006, the retailing, steel, food, finance and automotive industries represented nearly 30 per cent of the total ABL outstanding.”

David M. DiPiero, chairman and chief executive officer of FGI Finance, a leading global commercial finance company, believes that the most readily identifiable advantage of asset-based lending over factoring is that asset-based lending facilities typically include inventory and equipment - in addition to accounts receivable - as part of the eligible collateral base of a financing facility or loan. “In theory, therefore, an organization can access a greater amount of capital given the same level of assets - inventory, equipment, accounts receivable - if they were offered a typical asset-based loan versus a typical factoring facility,” says DiPiero. “It must be noted, however, that it is not entirely uncommon for a factor to also offer over-advances or ancillary facilities to include assets other than accounts receivable.”

As with many things that start in the USA, we eventually get them over here in the UK and ABL is no different. Richard Whitehouse, head of operations at Davenham Trade Finance, believes ABL offers UK businesses a real alternative to factoring. “Comparing the two, I don’t think you’re comparing like with like,” says Whitehouse. “Factoring and invoice discounting are cash advances on advanced receivables like invoices. What ABL enables you to do is to leverage capital on all the assets on a balance sheet. Ten years ago, a company would have used a combination of factoring, loans and overdrafts; ABL gives a company the opportunity to plan ahead.”

Whitehouse says ABL gives a business the ability to raise more cash in a more flexible way for what he calls “a negligible uplift in cost”. It also has advantages for the lender, too. “It gives the lender far greater capability to help the company it’s lending to develop, so it can work in partnership with the management to further the business.”

David M. DiPiero, believes companies in the UK should consider accessing asset-based loans for much of the same reasons that some organizations in the US desire such facilities - to maximize liquidity based on available assets. “And the more assets that are eligible for inclusion in an asset-based facility, the greater the liquidity available,” says DiPiero. “With that said, however, the relevant legal structure must be in place to facilitate a lender's ability to secure the assets that are to be considered for eligibility or inclusion in an asset-based loan.”

According to John Jenkins, CEO of GE Commercial Finance, the legal structure is in place in the UK. “The only legal aspect that is deemed problematic is something called Retention of Title over Inventory, which is not something they have in the US,” says Jenkins. “This covers who actually owns the physical assets in a company’s inventory that has been used as collateral. But the law is clear on this aspect. It’s less clear in the rest of Europe where ABL is more problematic because the legislative framework isn’t there to support it. But there are no legal problems in the UK.”

And, legal framework notwithstanding, there’s the rub: ABL does have advantages over factoring, but might not be suitable for every company. “Factoring is a purchase of valid Commercial Accounts Receivables, not a loan; an Asset Based loan is just that - a loan,” says Mark Mandula. “The obvious advantages of an ABL loan over factoring would be that the cost is usually lower; as it’s based on assets on the balance sheet on not invoices, more collateral is available for leverage and more of the larger financial institutions are involved in it. The disadvantages are that it is a loan, not a purchase; extensive monitoring is usually required from the lender and there could be significant up front costs in the shape of fees and so on.”

John Jenkins says the ABL industry in the UK has “grown significantly over the last two to three years” with larger businesses turning to ABL to raise finance. “We’ve definitely followed the US, although the deals aren’t yet as big. In the US it’s not unusual to see ABL deals of the $1 billion mark.”

Mark Mandula says all the major Bank and non-bank firms are in the Asset Based Lending industry in the United States, but that the factoring industry is made up of primarily independent, non-bank firms. The UK is mainly specialist ABL firms, but the big banks are taking a definite interest in the market.

As someone who, for 15 years worked at the commercial finance arm of Lloyds TSB, GE Commercial Finance’s John Jenkins has seen other UK banks enter the ABL arena. “Over the last 12 months, we’ve seen RBS and Barclays set up specialist divisions to handle ABL deals,” says Jenkins. “Even though it’s competition for GE, I think it’s good to see this happening as it grows the market for ABL in the UK and also grows the debate on why business should consider this method of financing.”

Although factoring and ABL are talked about in the same breath in the UK, Davenham Trade Finance’s Richard Whitehouse feels there are compelling reasons why ABL should be taken seriously, not only by companies looking to leverage capital by using assets on their balance sheet, but by financial organisations looking to meet a growing demand from their clients. “I think the UK will have little choice but to follow the US model of ABL,” says Whitehouse. “The big lenders define how the market works and, ultimately, more players will have a structured finance unit. Lloyds TSB has its commercial finance arm, which has a degree of separation from the actual bank and I think that’s how the UK ABL market will develop.”

John Jenkins also feels the ABL market will grow. “Even though there’s a current concern and uncertainty about global liquidity and many financial institutions are cautious, as part of a lender’s portfolio of services, ABL performs well and is a good product for banks to offer. As it embraces other areas of business, I don’t think, over the next five years, ABL can fail to grow exponentially.”

We are very happy to report that, on March 1st, 2008, we are welcoming 5 new members !

ING Commercial Finance Belux NV/SA based in Beglium, is joining as a Associated Partner. For more information, please visit their website.

Menzies Corporate Restructuring based in Great Britain, is joining as a Sponsor. For more information, please visit their website.

Agricultural Bank of Greece SA (ATE Bank) based in Greece, is joining as a Partner. For more information, please visit their website.

The Phoenix Plantinum Ltd based in Israel, is joining as a Partner. For more information, please visit their website.

The Receivables Exchange (The New Orleans Exchange) based in the USA, is joining as a Sponsor. For more information, please visit their website.

The first factoring association in China, Tianjin Factors and Discounters Association, held its inaugural ceremony on January 30 in Tianjin.

Over 120 guests attended the event including senior Tianjin government officials, regulators and senior executives from financial institutions and enterprises and national and local media. During the ceremony, Vice Mayor of Tianjin - Mr. Cui Jundu - gave a speech stating the significance of the establishment of the first factoring association in China. He said that the government will fully support the association in promoting factoring.

Mr. Erik Timmermans, Secretary General of International Factors Group, sent a letter to the Association giving congratulations, and this was read out during the ceremony.

Tianjin Factors and Discounters Association was established with the support and approval of Tianjin government. Currently, the Association has 50 members consisting of banks, insurance companies, law firms, accounting firms, trading and logistics companies.

Through various activities such as education, training, lobbying, public relations, providing industry information and statistics, the Association’s primary roles are to promote factoring in China and nurture a group of local professionals which is essential for the successful development of factoring in China.

The Association aims to become a national wide industry association in the future.

The Association’s founding chairman is Mr. Daniel Tso who is the president of Orbrich (China) International Factors Limited and Vice-Chairman of Asian Chapter, International Factors Group.

Moody's Investors Services, the US giant credit ratings and risk analysis organization, has recently announced that they have undergone a review of their ABL ratings.

The report issued in January 2008, entitled 'Refinement to ABL Ratings', "outlines the changes Moody's is making to differentiate the favorable recovery experience of asset-based loans (ABLs) relative to other types of senior secured first-lien loans. In most cases, the revised approach will result in a one notch upgrade to well-structured ABLs…". The announcement offers the UK finance industry some light relief in a story otherwise dominated by doom and gloom economic outlooks.

In the report Moody's acknowledge that their current approach to rating ABLs does not fully recognize the benefits of typical ABL structure, ensuring a high expected recovery in the event of default. ABL deals are becoming increasing common and well-structured and closely monitored ABL deals will experience lower losses in default or bankruptcy than other types of senior secured first-lien loans.

As a result Moody's is allowing their fundamental rating committees the discretion to raise ratings otherwise determined by adherence to Moody's LGD methodology by one notch rating and, unless ABL structuring standards change from current practices, Moody's expects higher ratings will be appropriate in most cases.

The changes are effective immediately for new ratings, and existing rating for ABL facilities will not be affected. For more information please see the attached report in full.

At this time of economic uncertainty, how nice to have something good to report.

We are very happy to report that, on February 1st, 2008, we have welcomed 2 new members and are expanding to a new country: Colombia !!

Factor Group Colombia S.A. based in Bogota, is joining as a member. For more information, please visit their website.

Factor Group LLC. based in Miami, is joining as a member. For more information, please visit their website.

25/01/08 - Annual Receivables Finance International Factoring Conference and Exhibition

Delegates:
Managing Directors, CEOs, Presidents, Heads of Operations, Heads of Sales, General Managers, Treasurers, International Managers, Business Development Directors, National Sales Managers, Administration Managers, Directors of Corporate Finance, Marketing Directors.

From:
Factoring Companies, Asset Based Lenders, Invoice Discounters, Banks, Trade Finance Companies, Accounting Firms / Intermediaries, Corporate Recovery Advisors, Law Firms.

Attendance Level:
130-150 participants mainly from Eastern and Western Europe, we also expect delegates from USA and Asia.

Networking:
We expect that Receivables Finance International will be an excellent meeting point for senior managers interested in latest developments of European factoring market and assessing new opportunities in both east and west European regions. The conference will offer many opportunities for networking including the pre conference Welcome Drinks Reception and Conference Party. The BCR Conference Party is sponsored by HPD Software.

For more information, please visit the BCR Publishing website at : http://www.bcrpub.co.uk/istanbul/

We are very happy to report that, on January 1st, 2008, we have welcomed 1 added member !

BNP Paribas Factor is joining as a partner. For more information, please visit their website.

We are very happy to report that, on January 1st, 2008, we will welcome 3 new members !

Dexia Commercial Finance NV/SA (Belgium) is joining as an associated partner.
For more information, please visit their website.

Bette - Westenberger - Brink Lawyers (Germany) is joining as a sponsor.
For more information, please visit their website.

20/12/07 - Business Money and International Factors Group step forward together

Business Money, the industry journal in business and commercial finance and banking, has completed an historic agreement with International Factors Group.

Every member of International Factors Group will receive a copy of Business Money each month as a membership benefit and will also have access to a dedicated weekly, web-based news service.

Launched in 1993, Business Money, is now extensively employed throughout the UK commercial finance and banking sector and, following its merger with Business Money International in January 2007, is quickly building its worldwide readership. Business Money also hosts several conferences and dinners on the theme of commercial and asset finance and business banking.

Editor, Robert Lefroy, who founded and launched Business Money in 1993, commented: “We are delighted to able to reach out across the world and count our friends there in ever greater numbers especially through our partnership with International Factors Group. We have been developing our electronic news systems to complement the hard copy industry journal and this is, we hope, the first of many subscriptions to an integrated service to our customers. I am very grateful to Erik Timmermans for his encouragement and help.”

Erik, Secretary General of International Factors Group, commented: "The IFG is constantly looking for ways to add value for its members. Industry information is one of the key-services we offer as trade association and therefore we are delighted to have entered into this agreement with Business Money. This cooperation has many advantages for our members: not only will they receive every month a complimentary copy of Business Money Magazine (with a brand new IFG-news section as from 2008!), but they will also be able to consult the latest industry news, exclusively uploaded by Business Money on the IFG website. Business Money being the only magazine that focuses on factoring and asset based lending internationally, we are convinced that this cooperation will offer big advantages for both organisations.”

30/11/07 - Asset Based Finance demand bolstered by Tighter credit markets (source = ABFA)

As the money market continues to tighten, UK businesses are increasingly turning to their assets to release cashflow to fund business activity and growth.

The latest statistics from the Asset Based Finance Association, the trade association for the UK asset based finance industry, shows that members have advanced over £15 billion to 48, 273 companies at the end of the third quarter. Client numbers and sales have grown by 11 per cent since September 2006.

Whilst the majority of capital released has been via outstanding invoices, the figures show that the amount lent against other assets has increased by one third in the last year. A large proportion of this has been driven by a 55 per cent increase in the funds advanced against stock.

Correspondingly, the number of companies using asset based lending has grown by 20 per cent since September 2006. Stock finance has also experienced an increase in demand of 13 per cent.

Interestingly the quarter three results also showed a 60 per cent increase in the number of clients within the transport sector turning to asset based finance. Another sector to increase its usage of asset based finance is the construction industry which witnessed a 13 per cent jump in client numbers in the last quarter, with numbers nearly trebling since the same time last year.

Kate Sharp, Chief Executive of the ABFA comments: "The latest results give an interesting insight into how movements in the economy are affecting funding decisions being made by UK SMEs and large corporate organisations

"The impact of the sub-prime mortgage crisis has meant that there is less cheap debt available and there has been a general tightening of lending conditions. As a result, companies are examining their balance sheets more closely to identify where capital is tied up and are becoming more aggressive about how they can utilise their assets to fund the business.

"Secondly, the ongoing petrol price hikes has contributed to soaring overheads. Not surprisingly it is companies within the transport sector that have been hardest hit and are looking for alternative and more flexible means of funding. Hence, our members have seen a massive increase in the number of businesses within this sector turning to asset based finance. "

The ABFA's third quarter results also revealed that companies with a turnover greater than £1 billion have increased their appetite for asset based finance and have been advanced £3.2 billion this year. This figure increased by £456 million in one quarter alone and could be attributed to a greater number of large corporates using asset based finance to help finance M&A's as private equity and other forms of debt are increasingly difficult to secure.
Other headline results from the quarter three statistics include:

Teanda (Tianjin) International Factors Co., Ltd (shortened TFG) is an independant non-banking factoring company. According to the ancient Chinese proverb: "two heads are better than one", TFG believes that solidarity creates development. TFG wants to launch its international factoring activities in accordance with standards and procedures recognized internationally, under the guidance of IFG.

TFG is looking forward to developing the international business and counts for this on the support from the IFG secretariat and from its fellow members. TFG will start by concentrating its activities on two industries in the first year but plans to develop specific factoring products for five industries in the near future.

Teanda (Tianjin) International Factors Co., Ltd became a member on November 1st, 2007.
For more information on the company, please, visit their website

ING Commercial Finance IFN SA is one of the first factoring companies in Romania, offering a full range of factoring services with and without recourse, on domestic and international market, including collection as well.

The company is using a network of 27 branches of ING Bank, as a factoring promoter.

ING Commercial Finance IFN SA became a member on October 1st, 2007.
For more information on the company, please, visit their website.

We are very happy to report that, since the beginning of September, we have seen 6 new members joining IFG !

Bibby Factors International Ltd (UK), Bibby Factors International (Canada) Inc., Bibby Factors International (California) Inc. and Bibby Financial Services (India) Pvt Limited are joining IFG on October 1st, adding 4 new companies of the Bibby Group to the 2 other members, Cash Reform in Czech Republic and Bibby Polska.

Bibby Financial Services are wholly owned by the Bibby Line Group, a dynamic business-to-business services group and this year sees them celebrate 200 years of business success. Bibby Financial Services specialise in providing cash flow solutions for business, from start-ups to more established businesses.

the 4 new companies from the Bibby group will become shareholders on October 1st, 2007.
For more information on the company, please, visit their website

We are also very happy to report the 1st member for the Mideast & Africa chapter, a new important step in the group's development !

African Export - Import Bank, was established in Abuja, Nigeria in October, 1993 by African Governments, African private and institutional investors as well as non-African financial institutions and private investors for the purpose of financing and promoting intra- and extra-African trade. The Bank was established under the twin constitutive instruments of an Agreement signed by member states and multilateral organizations, and which confers on the Bank the status of an international organization; as well as a Charter, governing its corporate structure and operations, signed by all Shareholders. The authorized share capital of the Bank is Seven Hundred and Fifty Million United States Dollars (US$750 million)

The Bank headquartered in Cairo, the capital of the Arab Republic of Egypt, commenced operations on September 30, 1994. The Bank has branch offices in Harare, Zimbabwe; Abuja Nigeria and Tunis, Tunisia.

African Export - Import Bank becomes a shareholder on October 1st, 2007.
For more information on the company, please, visit their website.

DLA Piper UK LLP is a full service global legal services organisation with more than 3,400 lawyers operating in over 60 cities worldwide across Europe, the Middle East, Africa, Asia and the US. They are the second largest provider of legal services in the world.

Their structured and receivables finance team advises banks and other financial institutions on a wide range of transactions including factoring, invoice discounting and asset based lending transactions, product innovation in supply chain finance, trade finance, warehouse and conduit financings, bridge finance for acquisition and investment vehicles, and wholesale funding of financial intermediaries.

DLA Piper is ideally positioned to help meet all the legal needs of businesses whenever and wherever they arise.

DLA Piper UK LLP becomes a sponsor on September 1st, 2007.
For more information on the company, please, visit their website.

Orbrich (Hong Kong) International Factor Company Limited, a Hong Kong registered company and a wholly owned subsidiary of Orbrich Finance Group was established in 2007. Orbrich (Hong Kong) International Factor is part of Orbrich Finance Groupʼs strategic plan to establish a factoring network and factoring hubs for Greater China. In China, we have established Orbich (China) International Factors Limited as the first government approved independent factor in China. Orbrich (Hong Kong) International Factor will be a part of Orbrichʼs factoring network in providing factoring services for enterprises in China. The Hong Kong office will act as the center of Orbrichʼs factoring hub for southern China. It will cater for clients in Hong Kong and southern cities in China such as Shenzhen and Guangzhou.

Orbrich (Hong Kong) International Factor Company Limited becoma a member on August 1st, 2007.
For more information on the company, please, visit their website

The East European Chapter of international factoring association IFG (IFG EEC) will hold the open IFG EEC Seminar and meeting of the EEC Executive Committee which will be combined with the VII Annual Conference of the East European Factoring Association and will take place in the capital of Moldova, Chisinau, in Leogrand Hotel on September 11>14, 2007.

EEFA conferences are distinguished by the highest level of organization, high-quality content, increasing number of delegates (90 delegates from 28 countries at the 2006 EEFA conference), numerous networking opportunities and cultural events. Speakers at this event include the most experienced managers of the world leading factoring companies. This year list of speakers includes Chris Barrett, Partner, PricewaterhouseCoopers B.V., Russia; Ralf Bauer, CEO, Lloyds TSB Commercial Finance LTD (DE), Germany; Oleg Damian, Director, NFC-MOLDFACTOR SRL, Moldova; Igor Dodon, Minister of Economy of Republic of Moldova; Rudolf Putz, EBRD, Head of TFP, Austria; Kate Sharp, CEO, FDA, United Kindom; Lubomir Civin, Chairman of the Board of Directors & CEO, Factoring Ceske sporitelny, a.s., Czechia; Erik Timmermans, Secretary General, IFG, Belgium; Mikhail Treyvish, President, East European Factoring Association, Russia.

Participation in the IFG EEC Seminar is a unique opportunity to get to know many interesting facts about one of the most profitable and high-tech financial service for the present-day industry. Representatives of the leading factoring companies and other companies supporting factoring business will take part in the seminar – they will have pleasure in sharing their experiences.

English will be language of the events. Simultaneous translation into Russian will also be provided.

For any further information, please contact e- mail: ser_ev@factoring.ru. or access the following documents:

Interregional Factoring Company TRUST (IFC TRUST) is a leading company in terms of the number of regional offices and included in the top 5 in terms of volume of bought out accounts receivable and attracted clients. Our success can be explained by that we provide our clients with up-to-date financial services and high quality service on all the territory of Russian Federation. Strategy of our organization anticipates

IFC TRUST to take a leading position among factoring companies due to active development of regional network, which meets the highest standards of service quality. Target market segment is companies of middle and small business. As a result, the volume of joint portfolio will increase more than three times, bought out accounts receivable will come to 7 billion rubles and turnover will amount to 25 billion rubles..

Interregional Factoring Company TRUST becomes a member on August 1st, 2007.
For more information on the company, please, visit their website

Bibby Factors Polska Sp. z.o.o. operates in Poland since 2002 as a part of Bibby Financial Services a financial division of British Bibby Line Group celebrating its 200 years of history. Bibby Factors Polska covers whole territory of Poland with 3 branches located in Polish biggest commercial centers and is a member of Polish Factors Association.

Bibby Factors offers recourse/non-recourse and domestic/export factoring. Our target group are small and medium enterprises operating in various branches.

There are many features being responsible for our constant growth, among them:

Bibby Factors Polska Sp. Z.o.o. becomes a member on August 1st, 2007.
For more information on the company, please, visit their website

The Workshop Seminar on the Foundation of (International) Factoring will take place in Jakarta (Indonesia), on the 1st and 2nd August 2007.

If you do not want to miss the opportunity to attend the conference, please visit the Asian Foundation page to find out more about the program and registration conditions.

The International Managers' Club will take place in Juan-Les-Pins (France), between the 26th and 28th September 2007.

If you do not want to miss the opportunity to attend the conference, please visit the International Managers' Club page to find out more about the program and registration conditions.

The International Factoring Foundation Coure will take place in Budapest (Hungary), between the 23rd and 26th October 2007.

If you do not want to miss the opportunity to attend the conference, please visit the Factoring Foundation page to find out more about the program and registration conditions.

EIF, the European Investement Fund, through its "Jeremie" project, is proud to announce the signature of its first agreement with Greece. Read more about this important first step.

NLB Factors s.r.o. , This company is a 100 % daughter of NLB Bank (Nova Ljubljanska Banca) in Slovenia, which is one of the shareholders of the PRVI Group of Factors. The sister company, NLB Czech Republic, is already as a member.

NLB Factors s.r.o. became a member on June 1st, 2007.
For more information on the company, please, visit their website

IFG is very happy to introduce you to their new website. To help you getting around the new struture of the website, please visite the sitemap. For those already familiar to the previous version of FG website, you will notice plenty of changes in the structure and the sitemap will help you finding your way ! We hope you will appreciate !

Universal Factoring GmbH (Germany). Universal Factoring is a 100 % daughter Company of GFKL Financial Services AG, a stock company with 145 Million EUR in equity Capital, 880 Million EUR total assets and 1 billion EUR turnover. They employ 2200 people in various activities in leasing, credit and debt-management software, Collection services, Securitization activities...

Universal Factoring GmbH became a member on April 1st, 2007.
For more information on the company, please, visit their website

Factoring Ceske Sporitelny, a.s. (Czech Repubic). Factoring České spořitelny, a.s. is a modern financial company focused on factoring operations. They provide their clients with receivable funding, management, security and collection.

Universal Factoring GmbH became a member on April 1st, 2007.
For more information on the company, please, visit their website

3i Infotech Limited (India). 3i Infotech is an agile and fast growing global organization that drives customer success through innovative and flexible IT solutions. The company was founded in 1999. They have a turnover of USD 150 million. They provides software solutions and IT services (Managed IT Services, Application Software Development & Maintenance, Payment Services, Business Intelligence, IT Consulting, Business Process Outsourcing, Document Imaging and Digitization and Data Warehousing) for Banking, Insurance, Capital Markets, Mutual Funds, Manufacturing & Distribution, and Government....

3i Infotech became a sponsor on April 1st, 2007.
For more information on the company, please, visit their website

Kapital Factoring Hitzmetleri (Turkey). Operational since 1992, Kapital Factoring quickly became one of the leading players in its sector thanks to its strong financial structure, its professional team and its highly-principled business approach. Kapital Factoring enjoys a wide-ranging customer portfolio comprised mainly of SMEs. Kapital Factoring backs its clients' vision, and nurtures sustainable, mutual trust based business principles and policies.

Eurokommerz became a member on March 1st, 2007.
For more information on the company, please, visit their website

Oracle (France). Oracle is the world’s largest enterprise software company. They provide innovative software that helps their customers manage and grow their businesses and operations. Oracle's products include an integrated suite of business applications software and other business software infrastructure, including application server, collaborative software, and development tools. They also offer extensive services such as technology and applications hosting, consulting, support, and education.

Eurokommerz became a sponsor on March 1st, 2007.
For more information on the company, please, visit their website

Bottomline (France). Bottomline Technologies provides collaborative payment and invoice automation solutions to financial institutions and banks as well as for corporations, around the world. The company's solutions are used to streamline, automate and manage processes and transactions involving global payments, invoice approval, purchase-to-pay, collections, cash management and document process automation. Organisations trust these solutions to meet their needs for cost reduction, competitive differentiation and optimization of working capital.

Eurokommerz became a sponsor on March 1st, 2007.
For more information on the company, please, visit their website

Eurokommerz (Russia) is the largest factoring company providing factoring services in Russia and CIS countries. Today Eurokommerz is an absolute leader on the Russian factoring market. It is ranked number one both by amount of assigned receivables and by number of customers.

Eurokommerz was launched in the year 2000. Currently, the company has established 41 subsidiaries all over the territory of Russia. Eurokommerz is on the way to gain the top position on the market of Ukraine and Kazakhstan.

Recognizing that there were no dedicated training courses available for Sales & Marketing Managers in the Receivables Finance Industry, the International Factors Group decided to organize yearly a “Sales Managers’ Club” where Sales Managers can share experiences, learn from their international colleagues and gain new insights in an informal environment. This year’s Sales Managers’ Club will offer a unique learning experience. First of all because an important part of the program will be animated by a true specialist in Strategic Sales: John Lines. And secondly because we were able with the help of our Russian Members to organize this year’s Sales Club in one of the most beautiful cities in the world: St-Petersburg. During our Sales Club, “St-Pete” will bath in daylight as it is the start of its famous “white nights”. Don’t miss this unique learning and networking opportunity!

BCR Publishing new "Receivables Finance International Conference & Exhibition (RFIX)" is taking place in Vienna, between the 19th and 21st of March 2007.

If you do not want to miss the opportunity to attend a the conference, please visit their website for more details at www.bcrpub.co.uk

The Hilton-Baird group is proud to announce the recent opening of a new office in Poland as well as a joint venture with the European Bank of Reconstruction and Development (“EBRD”) to develop the receivables finance market in Moldova.

If you want to find out more about these 2 new developments, please read the following articles:

The 2nd European Field Audit and Fraude Course is taking place between 6th and 9th March 2007 in Barcelona. This special course is set up in cooperation with CFA in the USA and FDA in the UK.

The Field Examiner School is a comprehensive programme covering every aspect of field examination techniques and practices and will look at fraud from a field examiners perspective. Through discussion, simulation and case-studies participants learn to evaluate collateral and detect possible frauds by analysing accounts receivable, inventory, cash, fixed assets, financial statements, internal controls and accounts payable. Emphasis is placed on the Field Examiner's role in the credit function through real-world examples and "war stories"

For more information on the course, please refer to the Program & Registration form

We are very happy to announce a new member who has joined the group on January 1st, 2007 and enlarging our world cover to a new country: Chile !

First Factors is an asset based financial company specialized in working capital products oriented to small and medium sized companies in Chile. They offer Domestic Factoring, Leasing, Vendor Programs and Inventory Finance to our clients.

The people is one of their main assets, having put together a tremendous team with huge experience in the Factoring business in Chile, together with strong shareholders makes First Factors a perfect choice when selecting a financial partner in Chile.

Chile has signed 52 bilateral investment agreements, 35 of which have taken effect.

The remarkable adaptability, vigor, skill and efficiency are demonstrated by Chilean exporters by growth figures through the past two decades. Chile went from exporting 200 product types in 1975 to a grand total of 5,238 in 2005, with destination markets increasing from 50 to 171. In 2004, some 6,636 Chilean firms were selling to customers abroad.

Nevertheless, 80% of their exports are sold in open account while 80% of their imports are done with letter of credits; this speaks of a huge opportunity in promoting international factoring as an alternative for exporters and importers.

First Factors is committed to develop an international operation, matching the high standard of the International Factors Group.

For more information on the company, please visit their website

SEB Finans AB offers its retail clients an extensive range of financial services. As part of a European finance group with operations in Sweden, the Nordic countries and rest of Europe, SEB offers banking services through a variety of channels. Customers can choose how and when to conduct their banking needs through any one of our 675 offices or via our mobile banking service. In addition SEB’s advanced internet solutions enable the customers to perform online transactions, such as paying bills or stock broking services.

Efcom GmbH is the leading European software company for high-level factoring solutions. With our IT solution ef3 premium, we offer our partners an outstanding application based on an intelligent integration platform. It integrates itself with ease into the existing IT architecture. Its practical approach and user-friendliness ensure the critical factors for growth: transparency, efficiency and flexibility.

Lloyds TSB Commercial Finance Ltd, part of the Lloyds TSB Group, is the UK market leader in asset based lending. For over 40 years Lloyds TSB has offered businesses the flexibility that comes with asset based financing. Lloyds TSB Commercial Finance can provide asset based lending solutions in Germany through its operations based in Verl. The main product offering is Receivables Finance which in Germany, for legal reasons, must be provided on a non recourse basis.

Lloyds TSB Commercial Finance Ltd (German Branch) is becoming a member as per January 1st, 2007.