IFGROUP News

Registrations are now open for IFG Academy - Module 2 - From Prospect to Client

Sun, 07 Mar 2010 01:00:00 +0100

Registrations are now open for IFG Academy - Module 2 - From Prospect to Client which will take place on Monday 19th and Tuesday 20th of April in Brussels. After a very sucessfull first module where aprox. 20 students from 11 countries debated on key aspects of the World of factoring (presentations and pictures available at this link) we continue the IFG Academy with this new and interesting module. Students can chose to register only for this module or for all the other modules of the Academy, depending on their availability.The first day of the module is devoted to factorability and lead generation as well as to key aspects of the sales process. The second day is more focused on prospect assesment and on ways to close the deal. This event gives newcomers in the factoring industry or in an international factoring department a unique chance to aquire a fast knowledge about the industry. And of course, like all IFG ... Read more on the website

IFG February Newsletter

Sun, 21 Feb 2010 01:00:00 +0100

The IFG February Newsletter with the latest news from the factoring industry is now availableThe highlights of this issue include:Presentation of new members: CIM FInance, MauritiusDresdner Factoring, GermanyNews from our sponsors FidisThe first factoring forum in Latin America - OverviewIFG Academy - Words from future participantsGM Club in Copenhagen - OverviewEU Federation - new position paper and the first General CouncilIfexchange - version 4.0 You can read the full PDF version of the newsletter at this link.

2009 - Not an easy year for factoring in CEEC

Wed, 17 Feb 2010 01:00:00 +0100

For the time being there are information from two markets available: Poland and Czech. Based on the information provided by the Polish Factoring Association we can estimate how the factoring in the region has performed in the year 2009. The turnover reported by companies rendering factoring services federated in the Polish Factor Associated presented on a press conference held in Warsaw on January 12th , 2010 amounted to over PLN 30 billion which was 8,5% lower than a year earlier. This result was influenced by a conservative approach of insurers, who ran a more conservative policy on trade of insurance, what led to decrease of the non recourse factoring volumes. In the press conference participated as a special guest Mr. Erik Timmermans having an short presentation on the European and worldwide factoring market.The leader among PFA members was ING Commercial Finance with a market share of 30.7%, followed by Pekao Faktoring with 16,4 % of market share. Coface Poland Factoring holds the ... Read more on the website

Garanti Factoring's 2009 earnings increased 42%

Wed, 17 Feb 2010 01:00:00 +0100

Garanti Factoring closed the year 2009 with a significant increase of 42% in earnings and achieved a net profit of 10 million TL as of the year end.Mr. Cengiz Ucbasaran , General Manager of the company said: " Garanti Factoring continues its positive trend in profitability, client numbers, market penetration and market share. Garanti Factoring 2009 balance sheet result is a real indicator of the company's ongoing support to the real sector through the financial turmoil."
He also emphasized: " Garanti Factoring successfully continued its sustainable growth in 2009 and achieved USD 5.85 billion turnover while enjoying a ROE figure of 22%. Despite the global economy struggled against crisis and recession Garanti Factoring reached a balance sheet size of 1.14 billion TL with an appreciable growth of 52% comparing to the previous year end. "In 2009, Garanti Factoring, being a major player in the market, added new values to the Turkish Factoring Sector. Mr Cengiz Ucbasara ... Read more on the website

According to the results of 2009 National Factoring Company was ranked number 1 among Russian import factors

Tue, 02 Feb 2010 01:00:00 +0100

The aggregate import factoring turnover reached nearly 12,6 mln. EUR.As a member of the International Factors Group and Factor Chain International, NFC actively worked with 20 partners representing 16 countries of the world in the reporting period. NFC cooperates traditionally with export factors from Western and Eastern Europe, Baltic countries, CIS countries, Asia and South America. Factors from countries of South America, including those from Argentine, Brazil and Chile, are the most distant partners for NFC. In the reporting period NFC extended partnership with new factoring companies from such countries as Italy, Austria, Egypt and France. The wide geographical coverage of international factoring in many ways determines the diversified range of goods, imports to Russia of which are factored by NFC: food stuff, beverages, durable equipment, cars, component parts and car spare parts, textiles, construction materials etc. Full factoring operations (with credit risk protection) ... Read more on the website

Special features of competitive positioning and promotion of factoring company�s products

Wed, 27 Jan 2010 01:00:00 +0100

Phd. Ilya Pokamestov, CEO, FACTORing PRO, and Phd. Lednev Mikhail, Marketing Director at the same company have recently completed a research about the competitive features and positioning of the factoring products. The article was published in "Economic Science" journal and is now available for IFG members for free. Please find the complete research at this link.

EU Federation leaders to present on future plans, benefits and new era thinking for factors at RFIx 2010

Sat, 23 Jan 2010 01:00:00 +0100

Following the worst recession in recent history, the factoring and receivables finance industry is at a crossroads. Choosing the right path for development strategies is now critical and may mean the difference between profitable new opportunities and failure.

This year's Receivables Finance International conference and exhibition (RFIx)* will look at the new opportunities for factors, particularly as a result of the crisis and also the new environment that factors face.
One of the ways forward in the new era is for factors to achieve greater recognition and political support for the benefits of factoring. Ensuring that governments understand the benefits of factoring to economies is seen as key to the future development of the industry. The recently formed EU Federation is aimed at doing just that, but with the synergy of having a EU unified approach. RFIx will examine the precise structure, purpose and plans of the EUF, establish how they will be achieved and how individual factors ... Read more on the website

New Shareholder - Dresdner Factoring - Germany

Wed, 20 Jan 2010 01:00:00 +0100

IFG is pleased to announce that Dresdner Factoring, Germany has been approved as Member (Shareholder status) of IFG. You can contact Rohmann Bernward at rohmann@dresdner-factoring.de for more information about their activities. IFG wishes them lots of interesting business and networking opportunities within the group.

Factoring Business Solutions published the survey of the Russian job market in factoring for 6 months 2009.

Sat, 16 Jan 2010 01:00:00 +0100

Last year the Factoring Business Solutions conducted first labor market survey of the Russian factoring industry. This survey contains information practically about all participants of Russian factoring market (banks, factorings companies, staff), their HR policy, most in-demand experts, income level, expectations of job seekers and preferences of employers. Financial crisis has altered the situation in labor market: the balance of power has shifted from candidates to employers. Many factoring companies/banks withdraw from market. As a result more than 50% of all specialists, who worked with factoring companies/banks, were fired. Companies cut staff as the volume of business shrank.The number of staffers at the middle of 2009 was about 500 specialists compared to 2000 employees at the middle of 2008, one in 4 professionals was selected from redundancy.Salary growth has slowed down. Many employees emphasized cutting of wages and employment benefits at an average rate of 15-20% over the ... Read more on the website

IFG Academy - program for the first 4 modules is finalised

Wed, 13 Jan 2010 01:00:00 +0100

The agendas for the first 4 modules of the IFG Academy are now finalized. The timings and the key topics have been agreed with the IFG Academy Trainers. The content so far is reach in case studies and the theoretical sessions are mingled with more dynamic group discussions and reflection periods. The resulting agendas are available at this link, next to each of the modules.

Open Conferance call for IFG Academy - questions and answers

Wed, 13 Jan 2010 01:00:00 +0100

On 25 of January at 11:00 (Brussels time) we are organizing a conference call for the persons who would like more information about the IFG Academy. Everyone is welcomed to participate. Anyone who wishes to join should dial:Phone No: +32 2 289 5333
Code: 1600 #There are no extra costs except the normal calling rates.

Five Reasons Why 2009 was a Good Year for the Commercial Finance Industry

Thu, 07 Jan 2010 01:00:00 +0100

Mike Semanco, President of Hennessey Capital LLC, a Michigan-based specialty finance company providing working capital to small and mid-sized businesses, doesn’t deny that 2009 was an exceedingly challenging year for businesses of all sizes. However, he does say that 2009 may prove to be a watershed year for the commercial finance industry.
“The economic crisis and simultaneous traditional credit drought created an opportunity for the commercial finance industry to step up to the plate and be recognized,” affirms Semanco. “The ability of many commercial finance companies to say yes to lending when many banks were saying no, often meant the difference between a business maintaining its position in the marketplace or closing its doors.” Hennessey Capital President Mike Semanco offers the following 5 Reasons why 2009 was a good year for the Commercial Finance Industry: 1. The industry reminded the business community why factoring and asset-based lending ... Read more on the website

Registrations are now open for IFG Academy - Module 1 - The World of Factoring

Mon, 04 Jan 2010 01:00:00 +0100

Registrations are now open for IFG Academy - Module 1 - The World of Factoring which will take place on Monday 1st and Tuesday 2nd of March in Brussels. Students can chose to register only for this module or for all six modules of the Academy, depending on their availability.The first day of this very interesting module is devoted to the history and evolution of factoring as well as to a presentation of the position of factoring as opposed to the different products on the marketplace. The second day is focused on legal considerations as well as opportunities and barriers for expanding into new markets. This event gives newcomers in the factoring industry or in an international factoring department a unique chance to aquire a fast knowledge about the industry. And of course, like all IFG events, it is also a great event for networking and for meeting with your international peers.More details and the registration form are to be found on ... Read more on the website

Worldwide factoring report - 2009

Sun, 03 Jan 2010 01:00:00 +0100

Some of IFG members' share their experiences of a chalenging year in 2009. We are happy to share with you the most important trends and developments they report in 21 countries around the globe. The report was published in the December edition of Business Money and is now available for free at this link.

Russian Association of Factoring Companies publishes the survey of the Russian factoring market for 9 months 2009

Tue, 22 Dec 2009 01:00:00 +0100

In November 2009 the Russian Association of Factoring Companies (AFC) conducted its first survey of the Russian factoring market.The survey involved 17 organizations, of which 12 banks and 5 factoring companies, representing approximately 84% of the total turnover of the Russian factoring market. The members of AFC account for 64% of the factoring market.The factoring turnover registered for 9 months 2009 is about 188 billion rubles, which represents a 36% increase compared to half year results. According to our estimates, the volume of the whole factoring market (including factors which did not participate in the survey) is about 215 billion rubles. If the growth rates will remain at the same level, the volume of the factoring market at the end of the year could reach 320 billion rubles, compared to 602 billion in 2008. Speaking of product breakdown, the Russian factoring market is still predominantly a recourse market: the share of recourse factoring&nbs ... Read more on the website

New Shareholder - RomFactor - ROMANIA

Thu, 17 Dec 2009 01:00:00 +0100

IFG is pleased to announce that RomFactor, ROMANIA has been approved as Member (Shareholder status) of IFG. You can contact Dan Stoica at dan.stoica@romfactor.ro. IFG wishes them lots of interesting business and networking opportunities within the group.

Save 20% on your subscription to Trade Finance Magazine!

Thu, 10 Dec 2009 01:00:00 +0100

IFG is glad to announce that our members can subscribe to Trade Finance Magazine with a 20 % discount. Check out the attached offer for more information. With access to trade finance at the top of the agenda for corporates, agencies and governments, it is essential you have the latest information on the international trade finance market at your fingertips. Trade Finance magazine is the recognised authority on global trade, export and commodity finance markets, factoring and forfeiting - intelligence vital to exporters/importers, financiers, traders, insurers and other service providers. As a member of the International Factors Group, we are pleased to offer 20% off a new subscription to trade finance. This exclusive offer is only available until 31st Jan 2010. Subscribe now à www.tradefinancemagazine.com/SpecialOffer.html?SourceCodeId=15739&ls=722 Reviewing the market since 1983, our content has evolved just as the market has to meet the requirements of finan ... Read more on the website

New Associated Partner - Cim Finance Ltd - Mauritius

Tue, 01 Dec 2009 01:00:00 +0100

IFG is pleased to announce that CIM Finance LTD, Mauritius has been approved as Member (Associated Partner status) of IFG. More info about their activities on http://www.cim.mu/IFG wishes them lots of interesting business and networking opportunities within the group.

IFG November Newsletter

Mon, 23 Nov 2009 01:00:00 +0100

The IFG November Newsletter with the latest news from the factoring industry is now available

The highlights of this issue include: New members present themselvesþ BCC Factoring, Italy þ Coface, Australiaþ KazCommerceFactor LLP, Kazakhstanþ Russian Factoring Company, Russiaþ VTB Factoring Ltd., Russia News from our sponsors: þ The Receivables Exchange - Growth, Liquidity and InnovationIFG Annual Meeting in St Petersburg - Overview & Results of the electionsEU Forum becomes the EU FederationInvitation to our year-end events - IT Managers' Club and Operations SeminarIF Exchange 4.0 - successful release.You can read the full PDF version at this link.

EU Forum becomes the EU Federation

Thu, 19 Nov 2009 01:00:00 +0100

Early November brought about an intense activity for what is now the EU Federation for the Factoring and Commercial Finance Industry (EUF). Besides the name change the year end brought one new member, a very productive EXCOM meeting and a valuable networking event with members and officials of the European Parliament. New member in EUF As from 1st of October 2009, Finans og Leasing (F&L) in Denmark joined EUF by signing EUF MOU and the Rules of membership. Represented by Mr. Christian Brandt, F&L already participated in the EUF Legal Committee. November ExcomSome of the most important issues on the agenda were:þ Update from the Legal Committeeþ EUF Communication Strategyþ 2009 budget þ Agreement on 2010 budget þ Discussion on the Annual meeting of members of 2010The EXCOM unanimously decided on ... Read more on the website

National Factoring Company was ranked number 1 among Russian import factors

Thu, 29 Oct 2009 01:00:00 +0100

The aggregate import factoring turnover reached nearly 10 mln. EUR. In the reporting period NFC provided import factoring services to 20 partners representing 16 countries within the framework of international factoring groups FCI and IFG. NFC cooperates traditionally with export factors from Western and Eastern Europe, Baltic countries, CIS countries, Asia and South America. In the reporting period NFC extended partnership with new factoring companies from such countries like Italy, Austria, Egypt and France. Import factoring transactions covered the following sectors: food stuff, beverages, durable equipment, cars, component parts and car spare parts, textiles, construction materials etc. More than 80% of the total business volume were operations with credit risk cover (full factoring). Press contacts Daria Nikolaevskaya e-mail: nik_da@factoring.ru+7 495 7875337 About NFC National Factoring Company is one of the leading Russian factors providing a wide ran ... Read more on the website

New Member in Kazakhstan : KazCommerce Factor LLP, joins IFG

Thu, 29 Oct 2009 01:00:00 +0100

IFG is pleased to announce that KazCommerce Factor, LLP Kazakhstan has been approved as Member (Shareholder status) of IFG. More info about them will be availabe in IFG November newsletter. IFG wishes them lots of interesting business and networking opportunities in the group.

IFG Annual Conference in St Petersburg 2009 � overview

Wed, 21 Oct 2009 01:00:00 +0200

Between 11th and 15th October, around one hundred of the most senior global Factoring and Asset Based Lending professionals came together in the historic and beautiful city of St Petersburg for the 2009 Annual Meeting of the International Factors Group. The meeting combined broad ranging, in depth analysis and review of the current state of the Industry with looking at its future and the opportunities that arise from the rapidly evolving global economic environment.On Sunday, before the formal start of the meeting, they were welcomed by one of the leading Russian providers National Factoring Company, themselves celebrating ten years of operations in the emerging Russian factoring market. Delegates were offered traditional Russian food and drink, with entertainment provided by an outstanding military male voice choir, with songs including the popular Калинка, калинка, калин& ... Read more on the website

Registration is now open for the Operations Seminar

Tue, 20 Oct 2009 01:00:00 +0200

Registration is now open for IFG 2009 edition of the Operations Seminar which will take place on Tuesday 15 and Wednesday 16 December 2009 in Brussels. The first day of this very successful seminar is devoted to the legal aspects of your international business and the second day to the use of the new version of IFexchange, release 4.0.This event gives newcomers in the factoring industry or in an international factoring department a unique opportunity to learn about the day-to-day operational procedures in the two-factor system. And of course, it is also a great event for networking and for meeting with your international peers.More details and the registration form are to be found on our website here.

Garanti Factoring continued its strong performance

Mon, 19 Oct 2009 01:00:00 +0200

Garanti Factoring achieved a significant increase of 41% in earnings after posting a net profit figure of 7.6 million TL as of third quarter 2009. As compared to the same period of 2008, net income for nine months of 2009 reflects a robust increase of 41% despite the financial turbulence in the markets. Garanti Factoring reached a balance sheet size of 1 billion TL while enjoying a ROE figure of 22%. Garanti Factoring, being a major player in the market, continued its strong performance as a leader in the sector having a highly professional and innovative approach to business, offering a wide range of product suite and tailor-made creative solution to an increasing customer base through an extensive distribution channel nationwide. Garanti Factoring's strength in market penetration coupled with its sound and stable service quality strongly contributed to sustaining the positive trend of profitability and market share in the sector.

The potential of the market in Romania is a seven-fold growth

Tue, 06 Oct 2009 01:00:00 +0200

The visit of IFG's Secretary General in Romania heats up the national debate about the market potential of factoring. The value of the Romanian factoring market was 1.8 billion EUR last year, up by 63.64% against 2007, so that the penetration degree of these services in Romania is only 0.52%, as compared to the EU average of 7-7.5%, according to data from the International Factors Group.
"Romania is on the seventh position in a ranking of the highest growth markets in 2008. But the penetration rate in Romania is far below the EU rate of 7-7,5% and the global rate of 3.45%. "If we take into account only this difference between the rates of penetration, we can say that the potential of this market in Romania is a seven-fold growth, to get nearer to the world average and 15-fold to reach the EU average," the Secretary General of the International Factors Group, Erik Timmermans, said on Tuesday, at the seminar on "Sustainable Financing Solutions in times of crisi ... Read more on the website

Turkey's Leading and Innovative Factoring Company

Mon, 05 Oct 2009 01:00:00 +0200

Garanti Factoring is your committed, reliable and strong business partner in Turkey with almost two decades experience in the sector. Garanti Factoring's experienced team of professionals is dedicated to help businesses with innovative products and tailor-made creative solutions. As your factoring partner in Turkey, we are prepared to help grow your business and confident that with our outstanding service quality and innovative product suite as well as highly professional approach to business, we can add value to your business and ensure mutually beneficial relationship in the industry. Garanti Factoring enjoys a strong shareholder structure and a powerful brand name in Turkey being a subsidiary of Garanti Bank. Through a close cooperation and synergy with the parent bank, Garanti Factoring is able to utilize an extensive distribution channel to penetrate into an increasing customer base nationwide and capitalize on a commercial banking expertise. The in-house credit approv ... Read more on the website

Atlantic RMS, the leading provider of risk management services, launches Call-Collect-Recover.

Sun, 04 Oct 2009 01:00:00 +0200

Atlantic RMS, the leading provider of risk management services, launches Call-Collect-Recover. This service delivers fast effective on site sales ledger management and debt recovery. Key features include 24hour response, nationwide coverage, initial sales ledger assessment, document & systems uplift and intensive credit control collection strategies. Jo Bennett-Coles, MD at Atlantic RMS, says that "the development of Call-Collect-Recover as a streamlined service is in response to an increasing demand from lenders, accountants and other industry professionals for knowledge, experience and speed to take control of sales ledgers at site. Initial on site sales ledger management activity will set the strategy for the debt recovery process. Undoubtedly, the application of expertise at this early stage of the sales ledger management process is crucial to identify the risks, plot the strategy and give clarity as to the outcome. At AtlanticRMS, this is what we have been doing for over ... Read more on the website

Brazilian Factoring Associantion ABFAC and IFG sign cooperation agreement

Mon, 28 Sep 2009 01:00:00 +0200

The agreement was signed between Mr. Timmermans representing IFG and Mr. Antonio Carlos Donini, President of ABFAC. The cooperation agreement will enable the associations to :publicize each other's events on their respective websites subject to availability or through a link on the public domain of each association website assist each other in the organization of factoring seminars/workshops encourage mutual exchange of information and visits between members of either organization extend invitations for seminars and workshops to members of each organization promote each other's events Click on the cooperation agreement if you want to find more about it.

New member from Coface group - Coface Finance Australia - joins IFG

Mon, 28 Sep 2009 01:00:00 +0200

IFG is very pleased to announce that Coface Finance Australia decided to join IFG as an Associated Partner. 1They are also considering becoming a Shareholder if there will be inquires for two factor business from the other IFG members. 1IFG welcomes Coface Finance Australia on behalf of all its members and wishes them great business, learning and networking opportunities!