AMONG IFG MEMBERS

ABS Global Factoring AG joined IFG as a Shareholder Member beginning in 2014. ABS Global Factoring AG is based in Wiesbaden, Germany and is a full-range financial services company.

Atak Faktoring Hizmetleri A.S. joined IFG as a Shareholder Member at the end of 2013. Atak Faktoring Hizmetleri A.S. is based in Istanbul, Turkey and is a full-range financial services company.

Atlantic Risk Management, the leading provider of international ABL diligence and cross-border services, opened an office in America at the end of 2013. Founder and CEO Richard Hawkins said, "This is an exciting venture for Atlantic, which will allow us to further strengthen our support and service to North American institutions involved in cross-border transactions."

Atlantic Risk Management has been providing specialist services to the commercial finance industry for 16 years and has offices in London, Dublin, Hong Kong and now Chicago.

For further details about Atlantic Risk Management in America, please contact Richard at: Suite 3300,55 East Monroe Street, Chicago, Illinois 60603; Tel: +001-312863-7126; [email protected]; Web: www.atlanticrms.com.

Erste Factoring d.0.0. joined IFG as a Shareholder Member at the end of 2013. Erste Factoring d.0.0. is based in Zagreb, Croatia and is a full-range financial services company.

The EU Federation for the Factoring and Commercial Finance Industry (EUF) announced at the end of October the launch of a new software tool on its website that allows users to instantly translate the expressions and descriptions included in the EUF's unique glossary of the factoring and commercial finance industry terms.

This application provides the user with an immediate translation in each one of the languages for which the glossary is available, along with the description in both the languages. The glossary can be found here: http://www.euf.eu.com/translator/menuid-54.html

The monography "Factoring-Law and Business Practice in Serbia'' by Prof. Tamara Milenkovic-Kerkovic and MA ECC. Zeljko Atanaskovic, manager of regional branch of "PRVI FAKTOR", Serbia was published on December 6,2013 at the Faculty of Economics, Faculty of Nis.

The book, (330 pages in Serbian, with content and legal environment for factoring in Serbia and in English) is the first comprehensive legal analysis on the factoring business in Serbia, which offers a jointed theoretical and practical approach to the law and practice relating to factoring. It discusses factoring as a financial service and the legal phenomenon created in the praxis of the American common law, and has been developed as the legal transplant in civil law legal systems.

Authors offer a detailed view to the genesis and development of factoring and the methods on adaptation and implantation of factoring legal techniques into the legal environment of European countries and in Serbia.

The book "Factoring-Law and Business Practice in Serbia" considers legislative and contractual limitations to the factoring in comparative law of European countries and duality of factoring legal nature, which is expressed in its different contractual and proprietary aspects. The book includes a detailed analysis of the factoring business practice in Serbia and offers detailed coverage of various forms, obstacles, specific problems and instruments for realization of factoring transactions in the Serbian legal background. It also examines legal framework for factoring agreement in Serbia and offers a detailed analysis on legal sources and changes in all areas of law in Serbia relevant to factoring, including the newest legislative trends created by Serbian Law of Factoring adopted in July 2013.

The book is completed with relevant data of development, factoring turnover and main factoring products in Serbia and offers detailed legal analysis as a case study for factoring business in Serbia, based on the legal study offered by EUF legal questionnaire.

With its highly practical, but theoretically profound approach, "Factoring-Law and Business Practice in Serbia" is an authoritative treatment of the factoring, which considers variety of legal problems and practical solutions of the subject.

FIMBank pic: Margrith Liitschg-Emmenegger, president of Malta-based trade finance specialist FIMBank pic, was elected chairperson of the International Factors Group (IFG) during the association's 51st Conference held in New Delhi, India, in October 2013. Founded in 1963, the IFG is recognized as the representative trade association for the Factoring and the asset based finance industry worldwide, and is composed of more than 160 members, representing 50 countries.

Commenting on her appointment as chairperson of the IFG, Ms LiitschgEmmenegger stated that "The rapid global growth of this sector means that it is evolving at a different pace and in different directions in the various geographic regions. IFG will remain at the forefront, increasing both awareness and understanding of the role of factoring and asset-based lending as an efficient way to provide capital to small and mid-sized businesses. We will do this through our existing international programs and regional plans, as well as by developing new strategic alliances and partnerships." Ms Lütschg-Emmenegger also announced her intention to work towards "the creation of an international representative body for factoring and commercial finance, which would be present in both emerging and established markets worldwide."

Lütschg-Emmenegger has worked in trade finance with a focus on forfaiting and factoring for much of her career, first with Barclays Bank, and then with Midland Bank Aval in London, before joining West Merchant Bank (now WestLB AG), where she had global responsibility for forfaiting and factoring. Lütschg-Emmenegger joined FIMBank in 2003 as executive vice president, responsible for business development and was subsequently appointed president in 2004. Under her leadership, FIMBank has forged a reputation for developing factoring operations in emerging markets. To date, the Group has set up shop in India, Dubai, Lebanon, Egypt, Russia and Brazil.

Garanti Factoring, a subsidiary of Garanti Bank, reported on December 10,2013, that it has successfully raised TRY 236 million funding through domestic bond issuance for the purpose of financing trade receivables of its client base. Due to a high demand received from the market, Garanti Factoring increased the original issue amount from TRY75 million to TRY 236 million, meeting the total demand. Garanti Factoring launched a second bond issue for the amount of TRY 60 million, which was completed on December 27.

Garanti Factoring Hizmetleri: Erkan Coplugil, executive vice president of Garanti Factoring Hizmetleri, received The International Star for Quality Award at the ISAQ Convention-Geneva 2013 from the President of Business Initiative Directions-B.I.D. Jose E.Prieto. The International Star for Quality Award acknowledges the strong commitment to quality and excellence. Garanti Factoring Services Inc. makes quality a core focus for continuous improvement of management to maintain leadership in its sector and community.

IFG announced the arrival of its head of operations began January 2014- Gwendoline de Virón, representing CreaCord Sprl. de Virón, has more than 10 years of experience in events management and marketing and will bring added value to the daily operations, secretariat supervision and events organization at IFG. De Virón is Belgian and French is her native language. She is also fluent in English and Dutch and holds two master degrees in public relations and business international and marketing management, de Virón may be contacted at: [email protected].

IFG announced that its IFG Academy week will be held June 2-6,2014 in Malta. Conceived as part of the Certificate of Finance & International Trade (COFIT), students can focus specifically on the commercial finance elements of the course and attend the one week IFG-led program on a stand-alone basis. The course helps participants to gain knowledge on the most important issues within the commercial finance industry.

Highlights of IFG Academy week include an introduction to the different forms of commercial finance and foundation skills in commercial finance, including: marketing, sales, risk management and accounting management. Among the top speakers include: Margrith Liitschg, Dr. Ulrich Brink, Peter Brinsley, John Brehcist, Simon Peterman, Corneliu Robu, Erik Timmermans and others.

Additionally, IFG Academy Week students automatically have free access to the Leadership Business Game, where participants will work as part of a team in a factoring industry business simulation exercise. The Business Game will be held on November4-5,2oi4in Nice, France and will be open for registration soon.

The Business Game is aimed at those individuals looking to progress into, or are relatively new, to a management role. It encourages participants to operate in a competitive environment, where good business management, well thought-out ideas, and innovative approaches are reflected in their achievements. This teambased exercise gives the attendees the opportunity to improve and practice their skills and knowledge.

PMF Bancorp joined IFG as a Shareholder Member in December 2013. PMF Bancorp is a U.S.-based commercial bank lender, specializing in custom working capital pro- grams to domestic and foreign companies. PMF Bancorp has been family-run and a direct lender specializing in short-term working capital solutions for over 25 years. PMF does an extensive amount of factoring for Chinese clients and has five offices in Asia and a full factoring operation in Hong Kong, which supports the Chinese branches.

Shanghai United Commercial Factoring Co. Ltd. joined as an IFG shareholder member end October. Shanghai United Commercial Factoring Co., Ltd. is based in Shangai, China and is a full range financial services company.

IFG has signed a strategic consultancy agreement with CFEC (Commercial Factoring Expertise Committee, reporting to Ministry of Commerce in China) and this brought the Secretary General of IFG, Erik Timmermans, representing Bzix bvba, to Beijing and Chongqing for presentations, meetings and speeches.

Independent and real factoring activities will now certainly (and finally) take off in China, but there are still big challenges in terms of the regulatory environment and understanding of the product. It is precisely in these areas that IFG advises CFEC and will set up an educational program to make sure that these new independent factoring companies have access to internationally recognized best practices. With the CFA, IFG is continuing to develop the strategic cooperation which started in the beginning of 2013. The CFA supported IFG in the organization of its ABL/ SCF event, which took place in Istanbul in October. IFG will pay special attention to the development of cross-border business opportunities for its members as well as on the strengthening of the research information on the industry available for its members on the new website. Also in 2014 IFG will continue to focus on connecting, educating and influencing the commercial finance world.

In the field of education, IFG had some very interesting new developments. Its university-certified program on finance of international trade (COFIT) started in October in Malta. Its e-learning on the foundations of factoring is now available in English, Russian and Spanish and recently became offer live in French and Chinese.

IFG's education committee organized a sold-out IFG Academy in Russian language in Moscow in December 2013. The very positive feedback on this event makes IFG decide to continue developing education in different languages in the future.

IFG's 10th Annual General Managers' Club Meeting took place on January 23 in Berlin. It was a successful meeting with a great variety of speakers and topics (EBRD, German Factoring Association, EUF on a brand new study on the economic impact of factoring in Europe and top panel discussions). The panel discussion with some of the Top Players in Europe, entitled "What are the major challenges and opportunities for our industry? How to work better together and how to overcome some of the old stigma?" was very animated and greatly appreciated by the audience.