Following the acquisition of the factoring company Transfinance in January, UniCredit Bank has also renamed the company. Since the end of May, the company has been operating under the business name UniCredit Factoring Czech Republic and Slovakia. The renaming will give a boost to the UniCredit brand and the synergies within provision of services of the financial group UniCredit Bank Czech Republic and Slovakia.
UniCredit Factoring is a leading provider of operating financing in the form of factoring of domestic and foreign accounts receivable. Its 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 aimed primarily at further expanding its range of corporate banking products and services by adding factoring, which is intended mainly for small and medium enterprises. Acquiring a factoring company, UniCredit Bank has reinforced its market position in the domestic banking market and extended the portfolio of its services.