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The birth of Eurofactor Italia

The end of 2007 saw the birth of the company Eurofactor Italia SpA, controlled at 100% by Eurofactor France SA. Based in France with an excellent reputation, Eurofactor Group has also strong successes with its subsidiaries in Germany, England, Spain, Portugal and Belgium. The recent step taken by Eurofactor Group is to add a new subsidiary in Italy.

England and Italy are the two countries of world leaders for factoring activities, representing alone 35% of the volume produced in the entire world. Italy alone has a global market share of approximately 11%, and a share of the European market of 15%. The Italian market is therefore ripe, with almost all business being domestic and only around 5% of the market for export factoring.

The two typical forms of factoring in Italy are “non recourse” for 64% and “recourse” for 36%. Factoring is a complex product, which coexists in featured insurance, with commercial,, administrative, accounting and financial functions.

In Italy, the factoring market was established in 1965, with the largest interest of operators focused on the financial aspects of factoring, thus making it an alternative channel to bank indebtedness. For this reason, in Italy, factoring is provided by the banks through subsidiaries, and they have maintained a dominant role till now.

A recent survey by the Bank of Italy highlighted the fact that factoring plays an important role in the management of working capital, particularly with regard to its ability to achieve and meet the businesses financial needs. In this sense factoring in Italy, thanks to the principles of Law 52, has for the greater creditor protection, return ultimately to the same user companies factoring services.

Complementary to this essential function, is the evolution of factoring that is leading all major players to an extension service-oriented in enhancing Credit Management, such as the information on debtors and recovery of unpaid invoices, in order to also highlight its non-financial profile . Thus factoring becomes increasingly more important for the means of development. Last but not least, factoring satisfies important needs in the light of the Basel II scenario and IFRS accounting principles, through its wide approach to the risk management.

The offer of Eurofactor Italy is designed to create a flexible access to factoring services, suitable for any company and integrates perfectly the existing offer of Eurofactor Group, to make it competitive on the Italian market.

It is particularly in the export factoring that Eurofactor Italy intends to play a short-term role as market reference, putting at the service of all its future customers the know-how of Eurofactor, a world leader in export factoring. Synergies will help identify resources, trade and technology, and human capital.

Eurofactor Italy, awaiting operating permits of factoring by the competent governmental authorities, will be operational this early spring. It is faced with a challenging in the spirit in which Eurofactor Group has achieved its current success.

Massimo Mancini,
General Manager

Source : International Factors Group

Lundi 3 Mars 2008

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