FIMBank targets Spanish factoring market
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. Margrith said: “Affording important opportunities for growth, and constantly in search of innovative financing opportunities and innovative means of mitigating business risks”. Margrith highlighted the fact that in 2013, the volume of international factoring in Spain rose by 20% to €13,687m. Lütschg Emmenegger added: “The value offering is therefore an attractive one which is being explored through this cooperation agreement.”
Adrian Hewitt at MAS Factoring commented: “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 said that in 2013, this region reached an all-time record for the number of exporting businesses, approximately 49,000, which generated €58,000m in revenues. He added that just in the last decade, the number of exporters has increased by more than 75%.
Adrian continued: “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”.
