MagNet Bank buys factoring company
MagNet Bank said yesterday it bought factoring company CE Faktor Zrt. The parties did not reveal the price of the transaction. MagNet Bank received regulatory approval for the acquisition last December.
CE Faktor purchased invoices worth close to HUF 24 bln last year, giving it 2.6% market share. It has about 200 clients, and two-thirds of its business last year was in the commercial sector
According to the Hungarian Factoring Association, gross turnover of Hungaryʼs factoring market rose 14% to HUF 899 bln in 2014. MagNet Bank had total assets of HUF 104.8 bln at the end of last year.
Avg Hourly Pay Rate for Blue-collar Workers Climbs 16% in Q1
Bulgaria's Household Income, Spending Rise 20% in 2023
Job Fair and Career Prep at Corvinus Starts Tomorrow
Spago Budapest Offering Unique Sunday Brunch Experience
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
