bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Tuesday 18.09.2018 | Name days: Liesma, Elita, Alita
LatviaLatvia

SEB Bank’s factoring portfolio up 41% in the first quarter of 2018

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn addition, similar to the volume of goods and services of Latvia’s exporting companies, which had increased unexpectedly rapidly in Q1 2018 – by 15%, there has also been a significant increase for the number of factoring deals.

Compared to Q1 2017, SEB Bank’s factoring portfolio has grown 41% in the same period of 2018, as BNN was informed by the bank.

«SEB Bank’s factoring services are used by exporting companies and a growing number of companies that pick their suppliers’ provided financing services to efficiently manage their finances. Suppliers’ financing is a beneficial solution for companies and their suppliers. With a bank taking on payment of bills, suppliers can expect to receive payment one the next day after issuing a receipt. Companies are able to postpone payment terms to a later date,» the bank reports.

This year, SEB Bank has already signed several dozen factoring and supplier chain financing contracts for a total amount exceeding EUR 27 million.

SEB Bank’s money management and trade financing office manager Kristaps Strazds: «Latvia’s total factoring market has slowly grown, but we have managed over the years to increase the number of our clients. They benefit from our offered factoring solutions. We have formed one of the strongest factoring centres in Latvia. It offers solutions that cater to standard and individual needs».

The bank’s representative says more and more clients pick factoring solutions because they do not require additional guarantees. This service also helps relieve a company’s turnover funds, reduce the risk of currency fluctuation and improve relations with debtors.

The largest markets of SEB Bank’s clients that use factoring services in 2017 included Denmark, Sweden and Britain, as well as Japan, Australia, New Zealand and other countries.

According to data from Latvia’s Leasing Service Providers Association, the volume of the country’s factoring market was EUR 152 million at the end of 2017.


Leave a reply

Latvian border guards find more than 140 kg of hashish in a car

On 16 September, Latvian State Border Guard detained a 1991-born man and his car at Grebnev border checkpoint. A secret compartment containing 145.3 kg of narcotic substances was found in his car during a routine inspection, as reported by State Border Guard.

EU suspects German car-makers of colluding against cleaner technology

EU competition watchdogs are probing if German automotive giants have colluded to restrict the development of clean emission technology.

Number of job vacancies in Latvia up 7.8 thousand in Q2 2018

In Q2 2018 there were 24.5 thousand job vacancies in Latvia, which is 7.8 thousand vacancies or 46.6 % more than in Q2 2017. In public sector there were 7.2 thousand and in private sector 17.3 thousand job vacancies.

Latvian government desperate to resolve the growing piles of used tires problem

Latvian government has supported Environment Protection and Regional Development Ministry’s prepared report ‘On maintenance of used tires’. This report includes proposals for measures to help resolve the matter regarding speeding up recycling and regeneration rates, as well as the no less important matter of maintenance of used tires.

Cargo volumes handled by Latvian ports remain stable in first half-year of 2018

Latvian ports transshipped 43.468 million tonnes of cargoes in the first eight months of 2018, which is 0.9% more than in the same period of last year. According to data from Transport Ministry, cargo turnover’s negative balance continues declining at Ventspils port, where 13.274 million tonnes of cargoes were transshipped in the first eight months, which is a drop of 11.9%.

airBaltic carried 18% more passengers in summer

Latvian airline airBaltic has carried 2,770,047 more passengers to destinations in Europe, Scandinavia, Russia, CIS and the Middle East in the first eight months of 2018, BNN was told by the company.

Ukrainian workers in Lithuania gradually fill gap left by Lithuanian exodus

Companies in Lithuania, in particular operating in construction, logistics and retail chains, are increasingly inviting workers from Ukraine and Belarus to fill the worker shortage of Lithuanians moving to richer countries.

ABLV Bank assets worth EUR 47.14 million recovered in August

Assets worth EUR 47.13 million were recovered from the liquidated ABLV Bank in August, which is 2.2 times more than a month prior, according to the account published in Latvian Herald.

Estonia bank watchdog points to Denmark's responsibility over Danske

As to the allegations of doubtful billions flowing via the Estonia branch of Danske Bank, the Estonian watchdog of financial institutions has noted that the Danish supervisory authority was responsible for the lender's risk control.

Liepaja City Council vice-chairman steps down

On Monday, 17 September, Liepaja City Council vice-chairman for tourism and investment affairs Ģirts Kronbergs announced his resignation.

Sixteen contenders apply for Rundale Castle Museum director’s post

A total of sixteen contenders have applied for participation in Latvian Culture Ministry’s announced open personnel selection process to find the next director of Rundale Castle Museum.

Russia: Military plane with 14 Russian soldiers has been lost near Syria

A Russian war plane with 14 servicemen on board has disappeared while over the Mediterranean Sea near the coast of Syria, Russia's Defence Ministry has stated.

Unity decides not to support UGF’s initiative for people’s elected president

Unity political party has no plans to support the amendments submitted by the Union of Greens and Farmers on people’s elected president, says Unity’s chairman Arvils Ašeradens.

U.S. to introduce more import tariffs on China produce

The U.S. government has announced imposing import duty tariffs on Chinese products worth USD 200 billion (EUR 171 billion), in a trade dispute between the world's two biggest economies.

Latvian parties’ pre-election promotion costs reach EUR 1.64 million

Three weeks prior to Saeima elections, expenses of Latvian political parties on promotion have reached EUR 1,638,393. Concord remains in the least expense-wise, according to information from Corruption Prevention and Combating Bureau.

Internal Security Bureau criticizes State Police for insufficient corruption prevention

Internal Security Bureau has detained several police officers under suspicion of bribery. Because of that, the bureau has voiced criticism to the management of Latvia’s State Bureau for insufficient corruption prevention measures.

Full transition to electronic documents in construction sector planned for 2019

During a meeting on 17 September, Latvia’s Cabinet of Ministers supported the amendments to Construction Law developed by Economy Ministry. These amendments provide for a full transition to electronic document handling in the country’s construction sector starting from 2019. This includes submission, decision-making processes and coordination – all of these processes will be performed using Construction Information System, as confirmed by Economy Ministry.

MPC permit revoked for liquidated Jurmala-based M7 Energy

Latvia’s Economy Ministry has made a decision to revoke the permit that allows selling produced electrical energy within mandatory procurement component system from SIA M7 Energy (previous name SIA KSER) CHP plant in Jurmala.

U.S. looking into Danske Bank operations in Estonia

Danske Bank, the leading bank in Denmark, is being investigated by U.S. authorities in relation to alleged money laundering from Russia involving Danske's Estonia branch, American media report.

Nearly 80,000 people have left Riga to live elsewhere in last seven years

In the past seven years, 78,692 people have left Riga to live in other countries or elsewhere in Latvia, according to data from the Central Statistical Bureau of Latvia.

Estonia's free rural bus rides result in passenger boom

Rural bus lines in the majority of Estonian counties have been offering free trips since early July, and in August an increase of 10,000 more rides was observed, resulting in frequently overcrowded buses.

NP: Riga municipality plans to adopt EUR 5 entry fee to city’s centre

A EUR 5 entry fee to Riga’s centre may be a solution Riga municipality has picked to help solve possible traffic congestion problem that is expected to appear in 2020, when it is planned commence construction of Rail Baltica railway. Because of that, several major streets will be closed down for traffic, according to information from Nekā personīga programme.

State Chancellery: no attempts to influence elections from abroad have been observed

Compared to the attempts to influence election results in other countries, no active attempts to influence 13th Saeima elections have been observed so far, said State Chancellery acting director for prevention of hybrid threats Kaspars Ozoliņš.

Switzerland urges Russia to quit violating law, spying in its territory

Switzerland's foreign ministry has urged Russia to stop illegal activities on its territory after three suspected spying cases have emerged in the country in 2018.

To decide on compensation in nano-water case, Rīgas satiksme wants to look at materials

Although SIA Rīgas satiksme was declared a victim in the so-called nano-water case, the company has not requested compensation. The reason for this is that the company wants to look through materials of the case, as explained by the company’s representative Baiba Bartaševiča.