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Article: Industry shows record profits; volume up on new biz. (Factoring and Commercial Finance)
- Article from:
- Daily News Record
- Article date:
- February 10, 1993
- Author:
CopyrightCOPYRIGHT 1993 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK (FNS) -- Most factors reported volume gains in 1992, but the real good news was on the bottom line.
The factors, which are mostly owned by banks, didn't break out profit figures, but chief executives at major firms such as Bank of New York, Barclays Commercial, Heller Financial and Capital Factors all said they had record earnings in 1992.
Factoring volume at existing clients was slow during 1992 because of the recession. But the factors boosted volume overall by signing a lot of manufacturers that had never been factored before. The new clients mainly were persuaded by the string of major bankruptcies in recent years to seek the protection ...