Although the Brazilian economy is one of the fastest growing in the world, SMEs in this country generally have limited access to funding and sophisticated trade solutions. BRASILFACTORS aims to help fill this gap with short-term funding against receivables and management solutions, such as risk protection and collection services, for both domestic and export transactions.
The inauguration ceremony that took place in São Paulo was presided by FIMBank Chairman Najeeb Al Saleh and President Margrith Lutschg Emmenegger, BICBANCO’s Vice President Milto Bardini and IFC – Head of Equity - Financial Markets, Latin America & Caribbean, Paulo de Bolle.
FIMBank’s Chairman Najeeb Al-Saleh, said: "Small and medium enterprises are a decisive driver for the growth of the Brazilian economy and products such as factoring play a key role in supporting these companies, as we have seen in many other countries where factoring has been a great success."
The factoring industry is considered an important financing alternative for SMEs as it provides an integral service that includes the purchase of the SME’s trade related receivables as well as trade bill collection and administration. These services allow SMEs to take advantage of strong growth opportunities and overcome capital and access to finance constraints.
Milto Bardini, Vice President of BICBANCO, said “the launch of BRASILFACTORS reaffirms our commitment to Brazilian entrepreneurs at all levels. We believe that SMEs stand to benefit substantially from the management solutions and services BRASILFACTORS will offer.
“Our support to BRASILFACTORS is part of IFC’s strategy to help reduce income inequality by strengthening the competitiveness and access to finance for SMEs, and integrate small producers into the supply chain,” said Paulo de Bolle, IFC – Head of Equity - Financial Markets, Latin America & Caribbean.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—
FIMBank is a leading provider of trade finance and factoring solutions. Headquartered in Malta, its strategy is to further strengthen its global presence, with a focus on emerging markets, and enhancing the product range on offer, namely trade finance, structured commodity finance, factoring and forfaiting. The Bank has offices in Malta, London and Dubai, and through its wholly-owned subsidiary London Forfaiting Company, is present in a number of important financial centres. FIMBank places a strategic focus on Factoring and Forfaiting business, with factoring joint-venture companies in Egypt, UAE, Lebanon, Russia and India. For more information about FIMBank and its global factoring operations please visit www.fimbank.com
BICBANCO is specialized in providing corporate credit to the middle market segment - companies with annual revenues between $ 50 million and $ 500 million, currently the 5th largest bank in the national capital private, the 8th largest (domestic and foreign capital) and 12 for domestic and foreign capital, public and private sectors. It has wide range of products and services for its diverse customer base across the country. With over 70 years experience in this activity, stands out as one of the most traditional banks in Brazil, supporting the sustainability and continuity of their business through initiatives related to best practice corporate governance, business ethics and risk management. In October 2007, the bank completed its public offering of primary and secondary shares, having concluded the contract for the Level I of corporate governance practices of the BOVESPA. For more information please visit www.bicbanco.com.br
# # #
Media Consulta is a leading independent PR and advertising agency in Europe and a market leader in the areas of corporate communication, youth marketing and political communication.