Eurofactor AG reports a continuous positive business development in 2007

The German factoring market continued its growth performance in 2007. The turnover of the factoring companies that are members of the Germany Factoring Association, increased by 16 per cent up to 83.50 billion Euros in total. The turnover in the international factoring business even grew by 29 per cent up to 24.82 billion Euros.

Eurofactor AG, subsidiary of the French bank group Crédit Agricole, is one of the leading factoring providers in Germany. The factoring turnover grew by 1 billion Euros up to 8 billion Euros in 2007. Export and import business saw considerable increases, too. Eurofactor AG is in import factoring an unchallenged market leader in Germany.

Klaus Taube, managing director of Eurofactor AG, is pleased with the above-average increase of the net results as well as the number of new customers which rose by 50 per cent in 2007. This is due to the consequent focus on the needs of medium-sized companies that expect fast and customized solutions, explained Taube. We venture along new paths with regionalised concepts of customer service. This is reflected by the high level of customer satisfaction that was confirmed by a survey conducted in the beginning of the year. The positive business development leads also to an expansion of staff number which has grown from 72 to 84 employees. Taube noted that the new products reverse-factoring and health care-factoring contributed to the positive development. The subprime-crisis seems to foster factoring business as Eurofactor AG has registered a rising demand from bigger middle-sized clients. Regarding acquisition finance, factoring is more frequently used as a financial module, particularly in structured deals.

This year Eurofactor AG looks back on a 20 years existence. Its factoring turnover has multiplied tenfold in the last ten years. This will be a high benchmark for the next decade.