inancial services company VUB Factoring, a.s. refinanced claims worth SKK 4.7 billion (EUR 156 million) in the first half of this year, up 31 percent y/y. VUB Factoring's market share reached almost 21 percent. The chairman of the board of directors, Dusan Cizmarik further said that the company recorded growth in nearly all indicators in the second quarter, in contrast to the factoring market which has been practically stagnating.
Mr. Cizmarik estimates that the volume of the factoring market as a whole could attack the level of SKK 50 billion (EUR 1.66 billion) by the end of this year, which would mean an around 8 percent y/y increase, providing that the market will experience a more significant expansion in the second half of 2008. He expects VUB Factoring to defend its position of the market leader at the end of the year.
The joint-stock company VUB Factoring is a hundred percent subsidiary of VUB Banka. It is the only factoring firm in Slovakia integrated into the network of factoring companies Factors Chain International.