MagNet Bank buys factoring company

Telco

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.

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