Fortis Commercial Finance (FCF), a division of the Belgian group Fortis and a provider of asset-based services, will launch its factoring services on the Romanian market, in partnership with Compania de Factoring. Fortis closed a partnership at a European-level with Intermarket Group, which controls Compania de Factoring through Austria's Intermarket Bank, an agreement which allows the Belgian group to expand its factoring services to Central European countries, states a Fortis release. "The Central European market is experiencing a fast growth rate, as well as an international expansion, which suits Fortis's strategy perfectly," indicates the release. According to the cooperation agreement, Fortis Commercial Finance will expand its activity to Austria, the Czech Republic, Hungary, Romania and Slovakia, and will provide services to clients in 20 countries. FCF provides asset-based services, specialised in financing, risk coverage, and debt and credit management. The volume of the factoring services provided stood at 34 billion euros in 2006. Intermarket Bank and its subsidiaries are the largest factoring group in Central and Eastern Europe, with an over 31% market share, according to the company's own estimates. At the end of last year, Fortis Lease Group (the leasing division of the Fortis group) acquired the Romanian company Global Finance&Leasing, in a four million-dollar transaction. The company's name was later changed to Fortis Lease Romania.
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