Deutsche Factoring Bank, a member of the Sparkassen Finanzgruppe with headquarters in Bremen, has been awarded for the fourth time in a row the Export and Import Factor of the Year Award in recognition of its performance and service in the field of international factoring. The prize is awarded each year to one of its member institutions by the Amsterdam-based Factors Chain International (FCI).
With 196 members in 59 countries, FCI is the world's largest internationally active factoring organisation; its members provide each other with mutual support in the execution of international trade transactions. FCI member institutions currently account for approximately 51% of all global factoring, with a turnover value of approximately ¤860 million.
Factoring is the purchase of short-term receivables from the delivery of goods and services and the assumption by a factor institution of financial liability for any losses. With the help of this financial product German exporters are able to extend to their customers throughout the world the same usual payment terms as would be available in their local markets. At the same time they remain 100% protected from bad debts.
Deutsche Factoring Bank was recognized for its expertise in international factoring as well as the high standards it sets in the field of information exchange with its partner institutions in FCI. In the most recent business year Deutsche Factoring Bank processed approx. 2.5 million invoices, with a total turnover of ¤3.38 billion. Twenty-six percent of the sales volume was in international transactions, significantly above both the national and the international industry averages.
Bremen, 28 June 2005
