30.07.2014
Bank Millennium has record-setting quarter in factoring
In the 2nd quarter Bank Millennium had record-high factoring turnover amounting to PLN 2.9 billion. This result allowed the bank to keep its high fifth position on the list of top factoring companies in Poland.
- The last quarter has been the best period in the history of Bank Millennium as regards purchasing of invoices - says Jerzy Dąbrowski, Director of the Factoring and Trade Finance Department in Bank Millennium. – We managed to purchase receivables worth PLN 2.9 billion. The 1st quarter saw PLN 2.58 billion, while the last quarter of 2013 – the recent record-high quarter – saw PLN 2.8 billion. In the first half of 2014 turnover value amounted to PLN 5.48 billion i.e. growth of as much as 40% y/y.
Factoring is becoming an increasingly popular business finance instrument in Poland. Data gathered by the Central Statistical Office of Poland show that in 2013 the number of customers using factoring services grew 12.2%. Most of them are industrial and trading companies, but also services, transport and construction sector.*
– An important job for the financial sector today is to educate businesses in understanding the difference between factoring and debt collection. Increased awareness will allow our market to get closer to those European countries, which for years have seen factoring in widespread use –Jerzy Dąbrowski wraps up.