Besides lending institutions, other companies that provide financial services from the European Union continue to notify the NBR (National Bank of Romania) about their intention to provide services directly on the Romanian market on the strength of the financial European passport. A recent example is Compagnie Generale D'Affacturage (CGA) the factoring division of the Societe Generale group. Specialising in short term management of receivables, CGA was set up by SocGen in 1976 and is the fourth largest factoring company on the French market. In 2005, it funded 9.2 billion euro worth of receivables. On the Romanian market, SocGen provides domestic and international factoring services through the BRD, which factored invoices worth 328 million euros last year, up 152% against 2005. The bank estimates it holds a 42% share in this market. It remains to be seen whether the CGA will confine itself to providing services to its clients that have contracts with Romanian companies, or whether it will additionally extend its offer to the local market. Irish company Elavon Financial Services and British company Citadel Commerce have joined the NBR list. Based in Dublin, Elavon is a branch of American bank U.S. Bancorp, set up in 1929, which covers an extensive range of financial services. The Irish -based company is used as a European platform in order to attract merchants to set up POS-es for credit cards and for processing credit card transactions. British company Citadel Commerce, established in 1999, is also specialised in processing payments and in providing integrated payment solutions for electronic commerce.
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