Fimbank has targeted the Spanish factoring market by striking a deal with MAS Factoring for Growth to support the offering of services to exporters in the country.
The Malta-based firm has entered into the co-operation agreement with the factoring firm as a result of the country’s “dynamic export market”, says Margrith Lütschg Emmenegger, president of Fimbank. She says that the market has opportunities for growth, and is “constantly in search of innovative financing opportunities and innovative means of mitigating business risks”.
Commenting on the agreement, MAS Factoring’s Adrian Hewitt says: “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.”
To emphasise the Spanish market’s growth prospects, Lütschg Emmenegger explains that international factoring rose by 20% in 2013 to €13,687mn, adding: “The value offering is therefore an attractive one which is being explored through this co-operation agreement.”
Last year, the Catalonian market recorded an all-time high for the volume of exporting businesses in the region, with 49,000 businesses generated €58,000mn in revenues in 2013. Over the last decade the number of exporters in Catalonia has risen by more than 75%.
Hewitt adds: “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.”