UniCredit Factoring – Bulgaria is a new company, 100% owned by Bulbank, and specialized in factoring services. Mr. Philip Genov was appointed an Executive Director of the company.

The main purpose of the company is to support the growth of the Bulgarian producers and suppliers of goods and services possessing high-quality trade relations and well growing businesses. UniCredit Leasing will service in particular companies with growth that outstrips their potential to cover traditional lending requirements.

Practically, the factoring is financing, which the receipts are bought by the supplier/producer and their ownership is transferred to the factor (UniCredit Factoring).

Due to the nature of the selling-and-buying, collaterals are not required. The company does not finance in advance problematic or bad debts.

UniCredit Factoring also provides filly or partially gathering and administrating of receipts, which makes the factoring suitable for companies, which do not posses enough resources or intend to cut the administrative expenses. Compared to the other forms of financing, factoring confronts to the standard turnover loan.

Perspectives to the development of factoring market in Bulgaria are excellent. Researches in the similar countries (new EU members and Romania) report average annual growth of over 45% as well as increased market penetration of the factoring compared to the traditional forms of short-term lending. UniCredit Factoring in Italy possess turnover of more than EUR 5 bln.

Filip Genov

Mr. Philip Genov is Master of “International economic relations” from University of National and World Economy as well as Master of “Bank management” in SDA Bocconi. He starts his professional carrier in the financial system in 1993. Shortly after the privatization of Bulbank in 2000 he was appointed for director of “Corporate and internation