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Polish factoring company plans investments in Hungary

In Hungary

Polish factoring company Kruk plans to make investments in Hungary this year, Polish daily Rzeczpospolita said on Monday.

Kruk acquired Hungarian peer SH Money Ingatlanfinanszírozási és Pénzügyi in 2011. The transaction must still be cleared by financial market watchdog PSzÁF.

Kruk CEO Piotr Krupa said Hungary's factoring market is not as developed as the one in Poland because Hungarian banks do not have factoring partners.

In addition to Poland, Kruk is present on markets in the Czech Republic and Romania. In Romania, Krug is the partner of the unit of OTP Bank, Hungary's biggest commercial lender.

The nominal value of receivables purchased by Kruk in Poland last year came to €515 million. The value of receivables it bought in the Czech Republic and Romania reached €566 million.

The company aims to become the leading factor in Central Europe in just a few years, Rzeczpospolita said.

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