Piraeus bank enters factoring market

Piraeus, a mid-sized bank in Romania, said it would enter factoring market by launching Cash Flow Factoring, a product designed for companies in business partnerships with local authorities.
The product enables the bank to finance 50%, 65% or 80% of companies’ accounts receivables, according to payers’ capability of meeting debt obligations.

The purpose of these products is to improve the cash flow of companies, reduce the ratio of uncollected debts and contribute to cash flow management.

Piraeus Bank offers a three-year recourse period and doesn’t charge any interest or monthly administration fee.

Factoring is a financial transaction whereby a company sells its accounts receivables to a third party. The financing doesn’t include collateral and it is carried based on invoices issued by clients.

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