FIMBank targets Spanish factoring market

06.10.2014

FIMBank, the Malta-based trade finance specialist, has entered into a Cooperation Agreement with MAS Factoring For Growth S.L. in Spain in order to support the offering of services to exporters from Spain. 

Commenting on this development, FIMBank President Margrith Lütschg Emmenegger explained that the Spanish export market, especially that of Catalonia, is one of the most dynamic economic areas, “affording important opportunities for growth, and constantly in search of innovative financing opportunities and innovative means of mitigating business risks”.  She highlighted the fact that in 2013, the volume of international factoring in Spain rose by 20% to €13,687 million. Lütschg Emmenegger added that “the value offering is therefore an attractive one which is being explored through this cooperation agreement.”

For his part, Adrian Hewitt at MAS Factoring stated that “this is an excellent opportunity for both MAS Factoring and FIMBank to take advantage of the significant potential in a market niche that has not been fully explored by most Spanish financial institutions, and where there is clear demand for the combined offering and a disposition to accept appropriate pricing structures”. Elaborating on the Catalonian market, Adrian Hewitt said that in 2013, this region reached an all-time record for the number of exporting businesses, approximately 49,000, which generated €58,000 million in revenues. He added that just in the last decade, the number of exporters has increased by more than 75%. “Catalonia is one of the autonomous regions with the highest export figures in Spain and the trends of recent years clearly demonstrate a greater appetite for export when compared to the rest of the country”.

 

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