Dynamic expansion of Pancreta Bank into Factoring

Published in:

30 January, 2024

Pancreta Factors S.A., a 100% subsidiary of Pancreta Bank, has been fully operational. It now operates as a Financial Institution providing exclusively factoring services, under the distinctive name "Pancreta Factors."

Pancreta Factors offers a full range of factoring products, both Recourse and Non-Recourse, for domestic and international transactions, including Reverse Factoring. These products, provide corporate clients with access to services such as immediate liquidity through the prepayment of their accounts receivable, management, accounting monitoring, and collection of their receivables, assessment of the creditworthiness of their buyers, and, under certain conditions, credit risk coverage.

International factoring products, such as Export and Import Factoring, will be supported by a global network of partners/correspondent Factors, members of FCI, the Global Representative Body for Factoring with more than 400 members in 90 countries, which Pancreta Factors joined recently.

Pancreta Factors comprises experienced and skilled personnel with significant expertise across the spectrum of services it offers, led by Mr. Michael Michaelides as Chief Executive Officer and Konstantinos Georgakopoulos, who has assumed the position of Operations Director.

Mr. Antonis Vartholomaios, CEO of Pancreta Bank, stated: "The new subsidiary is another step in implementing Pancreta Bank's strategic plan, with the consistent objective of creating a competitive banking organization capable of meeting the entire range of its clients' financial needs with modern products, particularly focusing on small and medium-sized enterprises with domestic or export activities."