III Annual EEFA Conference

On April 14-17, 2003 the East European Factoring Association hold its III Annual Conference. This year the delegates from all over the Europe gathered in one of the most beautiful capitals of the region, in the City of Bucharest.

All modern trends in factoring industry were fully reflected in the prepared presentations.

Speakers from Romania and Poland provided detailed information on the current situation and perspectives of the factoring market in the two largest Central European countries with the most interesting and actively developing economies in the Eastern Europe. Several presentations were dedicated to the activity of factoring network companies, others embraced new products such as factoring with refinancing feature and factoring in combination with e-commerce.

46 delegates from 15 countries representing such companies as Lloyds TSB, IFITALIA, Royal Bank of Scotland, Eurofactor AG, IFN Finance, Compagnie Generale dAffacturage, International Factors Group, Factors and Discounters Association, German Factoring Association, Raiffeisen Bank, Vilniaus Bankas attended the Conference. The CIS countries were presented by the banks of Kazakhstan, Moldova and Azerbaijan.

As it was in the previous year, the organizers noticed with great satisfaction that attending the EEFA conferences became a good tradition for many companies and even individual representatives of factoring companies.

Its impossible not to say a few words about splendid cultural program that was kindly offered by the co-organisers of the Conference, the Romanian factoring company RomAval. Visiting of Ceaucescu palace Casa Poporului which is by its size the second administrative residence in the whole world produced an indelible impression on all delegates. Only Pentagon can boast by its larger size than this monumental building, but it obviously loses to its competitor in luxury and architectural grandeur.

A number of delegates visited Peles Castle the real pearl of gothic architecture located in the very heart of Carpathian Mountains.

Unfortunately, three days of the conference have passed very rapidly. As usually, there wasnt enough time to discuss all the urgent issues of factoring business. Therefore the team of the East European Factoring Association does hope that at the IV EEFA Conference all delegates will have a chance to continue their dialog. The EEFA plans to hold its next conference in September, 2004 in Vilnius (Lithuania), the city with the largest Old Town in the East Europe which represents a carefully preserved world cultural heritage.

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