KBC and ING Belgium, both with a 50% shareholding in International Factors (IFB), have ended their collaboration in the joint venture. This decision was prompted by their different strategic perspectives and a change in external conditions (which include strong growth in the factoring market as a result of the lower capital charge for factoring under Basel II). It will not entail any loss of jobs.
KBC guarantees that IFB will continue to pursue its activities, providing the same quality service. Moreover, KBC sees potential for expanding the factoring business within the KBC group.
ING will now concentrate on funding commercial activities in Belgium via ING Commercial Finance Belux NV, which will take on board the IFB commercial activities generated by ING and the employees involved. Moreover, the company guarantees that the continuity of the service provided to its customers will not be affected. This move will enable ING to expand the international network of ING Commercial Finance - which is present in seven countries - and to consolidate its position in the Belgian and Luxembourg markets.
IFB - IFB nv International Factors, in full - was established in 1963. It has 96 employees and is active in the factoring and credit insurance market. At the end of 2006, the company had a balance sheet total of 570 million euros, and processed 3.5 billion euros in invoices. IFB currently occupies second place on the Belgian factoring market, with a 21% market share.
For more information, please contact:
Viviane Huybrecht, Head of Group Communication and of the Press Office
Spokesperson KBC Group
Tel. (32) 2 429 85 45
Ilse De Muyer, ING Belgium Spokeswoman
Tel. (32) 2 547 26 37,
The KBC press releases are available on www.kbc.com.
The ING press releases are available on www.ing.be
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