International Factoring Joint Venture Strategy
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Factoring is taking on an increasingly important role in international trade, as more and more buyers demand open account conditions rather than letters of credit. This is particularly relevant with regard to exports from emerging markets to the more developed countries and regions. The recent crisis has brought about more awareness about Factoring and this product's ability to facilitate domestic and international trade while mitigating risks and improving cash flows. Our interest in Factoring also reflects our commitment to support SMEs, which are the backbone of international trade.
The Bank actively pursues a strategy of establishing factoring joint ventures with highly professional and leading institutions in selected emerging markets. Apart from MENAFactors in Dubai, Egypt Factors in Egypt, and Levant Factors in Lebanon, FIMBank's international network includes FactorRus in Russia, India Factoring in India, and BRASILFactors in Brazil.
Whenever it participates in Factoing joint ventures FIMBank enters as the technical partner providing its factoring, back-office and technology expertise. Our credentials in providing support to factoring joint-ventures are tried and tested. The international awards received, together with the achievement of ISO certification for our factoring back-office operations, are an important endorsement of the quality of these services as well as recognition of the professionalism of our in-house specialists.