UniCredit Bank continues to reinforce its position on the local banking market. Effective as of 20 January 2015, an acquisition has been completed of Transfinance, a leading provider of operating finance based on factoring of domestic and international claims.
UniCredit Bank Czech Republic and Slovakia, a.s. has completed the process of acquiring Transfinance, a.s.The Transfinance core business includes financing, collection and securing of short-term accounts receivable of clients from multiple branches of the industrial sector. By the acquisition, UniCredit Bank aims primarily at expanding further its product range by adding factoring to its corporate banking services, with the main view of the small and medium enterprises. Relating to the acquisition, the bank is foreseeing to provide the factoring service to its existent and new customers, as well as to introduce certain new products, such as reverse factoring.
"While we continue to reinforce our standing on the Czech and Slovak markets through an organic growth of our customer basis we have been at the same time making use of business opportunities to strengthen our market position. Adding factoring to our product range is yet another step in line with the strategic plan of our bank and will make our moves at providing finance to the small and medium enterprises both simpler and faster,” noted Jiří Kunert, Chairman of the Board and CEO of UniCredit Bank.