Factoring turnover reaches record high level

– Another high growth of factoring turnover of Bank Millennium and – in general terms – a good quarter for the entire market is not only confirmation of positive developments in the Polish economy but also a good forecast for the next period – Jerzy Dąbrowski, Director of the Factoring and Trade Finance Department in Bank Millennium says. 

Bank Millennium’s turnover is better than a year ago (PLN 2.6bn in Q1 2014); it also went over the performance of Q2 2014 (PLN 2.9bn). The turnover of all companies associated in the Polish Factors’ Union reached the record value of over PLN 30bn in Q1 2015 – Polish companies are selling more and more, and the fact that the sales comes with deferred payment terms means that turnover security and trust between business partners is also increasing. Besides factoring itself, which in fact speeds up and strongly protects the collection of receivables, fits into the picture perfectly and is flexible enough to adapt to the needs of the parties involved, seamlessly filling-in liquidity gaps, which may arise from time to time – Jerzy Dąbrowski adds.

Bank Millennium has for years now been offering a wide array of value added products and services connected with factoring, cooperating with businesses on a transparent and partnership-based footing. It was the first bank in the Polish Factors’ Union, an organisation, which associates the largest factoring institutions in Poland, acting to make factoring more popular and to guarantee a high quality of services.