UniCredit Tiriac Bank had factoring operations of EUR 812 million in 2013, up 2 percent year-on-year, and increased its market share on this segment to 30 percent.

In the same period, the specific local market decreased by 6 percent to EUR 2.72 billion.

Factoring is a financial transaction in which a business sells its accounts receivables, such as  invoices, to a third party -called a factor- at a discount.

UniCredit Tiriac Bank is part of UniCredit Group. In Romania, UniCredit Tiriac Bank is serving around 600,000 active clients, through a network of 188 branches.

The bank ended 2013 with a net consolidated profit of EUR 19.8 million, half of the amount reported the year before.

The financial results represent the consolidated report for UniCredit Tiriac Bank and UniCredit Consumer Financing. In 2012, UniCredit Tiriac Bank reported a net consolidated profit of EUR 40 million, up 11 percent year-on-year.

Earlier this year, the lender took a EUR 20 million loan from the International Finance Corporation (IFC), to help boost additional financing to the bank’s clients working in import and export in Romania and also to increase economic growth.

editor@romania-insider.com