In a rather unfavourable environment, and despite adverse circumstances, Eurobank EFG Factors showed positive results for the year 2011 and increased its market share, sustaining its overall growth.
More specifically, turnover reached €4.7 bn (including €350 million from the Bulgarian branch), increased by 8.7% year-on-year, while the company controlled 29.6% of the Greek market. The company remains a leader in terms of all business fundamentals, such as turnover, pre-tax profits, which exceeded €22 million, and accounts receivable (€710 million).
Of great importance is the significant 27% growth of the company's Export Factoring business. Eurobank EFG Factors has a 28.8% market share in Export Factoring, while its share in Import Factoring stands at 61.5% (Hellenic Factors Association, 2011), attesting to its longstanding leadership in the field of International Factoring.
It is worth noting that the Eurobank Group offers factoring solutions in Bulgaria, holding a dominant position in the local market, while it is also operating in Romania, Turkey and, on a pilot basis, in Serbia, in cooperation with the Group's local banking subsidiaries and specialized business centres.
Eurobank EFG Factors is an integral part of the Corporate Transaction Banking Sector, which also incorporates the Cash Management and Trade Services unit, thus completing a holistic transaction banking approach to corporate clients, based on a successful model implemented by the most reputable foreign banking Groups.
According to the company's CEO, Mr. George Karayanopoulos, “the company's growth is based on its successful cooperation and mutual understanding with the entire sales network of the Bank, including both the departments that handle large corporate clients and those that serve SMEs. Eurobank EFG Factors will try to further develop the international operations of the Factoring network, also continuing to emphasize on the financing of exports, the main hope for reigniting business activity. Factoring is a major pillar of the ambitious plan for enhancing the Greek economy's extroversion, which is being developed since 2009 by the Eurobank Group. The company's unwavering focus on supporting exports and extroversion is perfectly demonstrated by the international awards it has been bestowed with in recent years (Best Export – Import Factor in the World, by Factors Chain International, 2009, 2011), as well as the fact that it was recently ranked third place in the world, an achievement with a special meaning, since it coincides with the worst period for Greece's economy.”