Press release 16.09.2008
Universal Factoring to become WestLB's business partner in factoring
- WestLB is to expand its product range to include the provision of factoring
- Universal Factoring will perform all back office service provision
- one of the biggest mandates in the factoring market
Essen, 9 September 2008: Universal Factoring GmbH has been chosen as service provision partner by WestLB AG. This has come about as a result of the expansion of WestLB AG’s product range to include factoring solutions for medium-sized companies. In terms of the agreement, Universal Factoring, which belongs to the GFKL group, will be responsible for the servicing of factoring agreements.
With FACTORINGproM, WestLB AG is offering its own clients, via the savings banks NRW and Brandenburg the entire range of factoring products currently available on the market. A wide selection is made available to the clients, such as a whole factorisation spectrum and the outsourcing of debtor management. Companies with an annual turnover of half-a-million to 150 million Euros are being addressed. For the management of the factoring agreements, Universal Factoring will assist WestLB AG as its business partner relying on a competent team of specialists with many years of expertise in factoring, backed by a modern and high-performance IT infrastructure.
Dr. Peter Jänsch, GFKL’s chief executive of Financial Services AG: “The conclusion of the contract with WestLB secures us one of the biggest mandates in the fast growing German factoring market. The deciding factor for Universal Factoring to accept the offer was the many years of factoring expertise of our staff members and our modern, highly efficient IT infrastructure. This allows us to meet a bank’s service requirements at the highest level. After all, the GFKL group, rated as being “strong” with a “stable outlook” by Standard & Poor, belongs to the three most highly rated factoring specialists in Europe”.
About Universal Factoring GmbH
Universal Factoring GmbH purchases the outstanding debt incurred by medium-sized companies’ trading, and offers them a tailor made service to assist them with their debtor management. Clients will profit from this because it can provide them with improved cash flow, insurance against default payments, and an efficiently run back office. What distinguishes the business is a competent team of specialists with many years of experience in accounts and claims management, as well as a wide product range.
About GFKL Financial Services AG
GFKL is a fast-growing financial services provider focusing on leasing and collection services. The software and systems areas are the technological complements to this spectrum of services. GFKL is thus able to assist clients in financing investments, organizing processes and safeguarding liquidity during every phase of the business process.With 2,600 employees the GFKL Group achieved sales of € 1.2 billion in the 2007 financial year.
Press officer:
Katrin Schwarz
Head of Corporate Communications
and Investor Relations
Tel.: +49 (0)201/102-1192
Fax: +49 (0)201/102-1102-462
E-mail: katrin.schwarz(at)gfkl.com
Internet: www.gfkl.com
