BCR exceeded the half billion euros mark for factoring transactions in 2012

Banca Comercială Română (BCR) registered in 2012, factoring transactions totaling almost 530 million EUR, representing an increase of 45% in respect to 2011.

“2012 was a year in which we registered significant developments both in terms of new business volumes and in the number of clients who use the factoring services. The main driver of the increase was represented by without recourse factoring. The number of clients increased by more than 100% compared to 2011 and this was due both to the increase in volumes financed through factoring and to substantial improvement of products and services offered by BCR. Given the present economic situation, we consider that most clients will continue to use without recourse factoring, this product offering, besides financing, also the comfort of payment risk coverage. Factoring has a great potential for future growth and BCR will continue to focus on developing new factoring products and services", stated Valentin Galatanu, Deputy Executive Director, Transaction Banking, BCR.

BCR offers its clients a short-term financing solution having as collateral only receivables,, for companies supplying goods / providing services based on contracts or firm orders and with a fixed payment term. By using factoring, clients can benefit from a complete set of services including immediate financing for delivered goods / provided services, collection and invoices administration, and most important, payment risk coverage.

BCR carries out domestic and foreign factoring transactions, with and without recourse, including the entire range of factoring services: financing (up to 100% of the invoices value, within the approved factoring limit), invoices administration (by managing the receivables transferred to specialized information system, with client access to information and reports), collection of invoices from debtors as well as payment risk coverage.