3/10/2008

Turkey's factoring sector lures foreign investors

Referans - Foreign investors who have so far focused mostly on Turkey's banking and insurance sectors are now looking to factoring companies. While British Bancroft Group acquired Eko Factoring last year, other private equity funds are also in the process of negotiation for factoring company acquisitions. Creditwest Factoring, which transferred from the Savings Deposit Insurance Fund (TMSF) to Altınbas Holding in 2003, is among the factoring companies foreigners are keeping a close eye on. Many foreign investors have revealed their interest in Creditwest in the last two years, said Sefer Altioglu, Creditwest Factoring managing director. Creditwest is open to a partnership with a company that has a serious financial background and culture. The only condition Creditwest has is to keep 51 percent stake of the company, said Altioglu. Creditwest is not completely opposed to selling the company's majority stake, “However, we would demand double the stock price from the company that is looking for anything more than strategic partnership. As Altinbas Group, we are not experiencing financial problems,” said Altioglu.