Taipei, June 26 (CNA) Taipei Fubon Bank has been named as the best factoring company in Taiwan last year for the fifth consecutive year by Factors Chain International (FCI), a global network of leading factoring companies.
The bank said Tuesday it was also the only factoring company in Taiwan to be listed among the global top 10 in the field by the factoring network.
Factoring is the selling of accounts receivable in the future to a third party, usually at a discount, in exchange for cash. The service is used by businesses that want to reduce their exposure to the risk of not being paid all or part of their receivables.
The group announced the award at an annual meeting held in Beijing in June. It was based on evaluations of each FCI member's service portfolio, quality of service and communication efficiency by members of the group from around the world.
Taipei Fubon Bank's factoring volume was 680 million euros (US$850.6 million) in 2011 for a 23 percent share of the domestic market, the highest in the industry.
As of the end of May this year, the bank had refinanced another 220 million euros in accounts receivable, it said.
Taipei Fubon Bank President Jerry Harn said the bank will continue to provide refinancing services for Taiwanese companies in China through its close partnership with Chinese banks -- Bank of China, China Construction Bank, China Minsheng Banking Corp., China Merchants Bank, and Industrial Bank Co.
(By Tien Yu-ping and Ann Chen)