Fimbank is going to open a branch in Athens to penetrate the Greek market and has entered into a cooperation agreement with MAS Factoring For Growth in Spain.

Fimbank president Margrith Lütschg Emmenegger said; “Fimbank’s presence in the Greek market will enable it to provide forfaiting, factoring and other alternative trade finance solutions in support of Greek companies during these challenging times. We are confident that the comprehensive technical know-how and business acumen of the team we have set up in Greece, led by Demetris Zouzoukis, will translate into a very positive experience for FIMBank in this market.”

She also explained that the Spanish export market, especially that of Catalonia, was one of the most dynamic economic areas. In 2013, the volume of international factoring in Spain rose by 20 per cent to €13,687 million.

Adrian Hewitt at MAS Factoring said that in 2013, the number of exporters in Catalonia reached 49,000, an increase of more than 75 per cent.

He noted, however, that the significant potential in this market niche had not been fully explored by most Spanish financial institutions.