Al Akhbar Newspaper
BNP Paribas Studies the Establishment of a Factoring Company in Egypt, and
Seeks to Raise BNP Credit Portfolio by LE One Pillion This Year
BNP Deputy Managing Director and Manager of the Treasury and Banking Services Sector; Shahinaz Fouda, stated that BNP Paribas Egypt currently studies the establishment of a factoring company in Egypt.
In exclusive statements to certain financial institutions and banks, she said that the prospective company shall be specialized in rendering international letters of guarantee services, financing import and export transactions and providing technical consultations to international trade players. She added that factoring activity is considered one of the financial tools used for financing small and medium enterprises (SMEs) as well as local and international trade activities.
Mrs. Fouda expects that the upcoming period could witness an increasing demand for factoring activities by banks and financial institutions, as materialized in establishing companies operating in this field.
Mrs. Fouda said that 250 factoring companies in 66 countries worldwide are members of the Factoring Chain International, pointing out that Egypt Factors is the first licensed financial institution providing the factoring services in Egypt and it is shared between the CIB by 40%, the FIM Bank-Europe by 40% and IFC by 20%%.