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Issy les Moulineaux, 14 April 2008
The Eurofactor Group is strengthening its European coverage with a presence in a seventh European country: Italy.
This new subsidiary based in Milan, commenced operation at the beginning of April 2008 and is being managed by Mr Massimo Mancini. The first meeting of the board of directors was held on 11 April. Chaired by Jean-François Phan Van Phi, it includes representatives of Eurofactor and the banking networks of the Crédit Agricole Group.
Eurofactor's subsidiary complements the Crédit Agricole Group's existing presence in Italy, based around the Cariparma Friuladria Group.
In this market of €122.8 billion of factored revenues (FCI source), the world's second-largest factoring market, Eurofactor has a triple objective:
- To offer a range of high-quality domestic and export factoring services for corporate clients of the Cariparma Friuladria Group,
- To provide an efficient internal solution for European clients of the Eurofactor Group exporting to Italy,
- To extend the scope of its European Pass® product offering to European groups established in Italy. On that date Eurofactor Italy also became an active member of Assifact, the Italian association of factoring companies.
Eurofactor is the leading factoring provider in France, number three in Germany and the first integrated factoring network in Europe, established in Germany, the Benelux countries, Spain, France, Italy, Portugal and the United Kingdom.
As a subsidiary of Crédit Agricole, Eurofactor plays a key role in business development by working with companies to structure the receivables management solution most suitable for their strategy, business sector, size and customer profile, both in France and internationally. In particular it has developed a pan-European product, European Pass®.
Nathalie Paquet Crédit Agricole SA
Tel: 01 43 23 72 72