HSBC has launched a new service specifically designed to assist businesses with financing against their outstanding invoices for both their domestic and export sales. It is the first financial institution in the United Arab Emirates (UAE) to provide this service
The factoring service allows businesses to receive a pre-agreed percentage of the value of their invoices as soon as the goods are shipped or the services are rendered, with the balance, less charges, being paid when the buyer pays. HSBC also undertakes to collect the payment from the buyer and provides a credit protection service when required.
Members of the business community attended a seminar hosted by HSBC at the Le Meridian, Dubai on September 1, to learn how factoring could improve their sales turnaround and provide an instant solution to their cash needs.
HSBC is the largest and most widely represented international bank in the Middle East. HSBC Bank Middle East has 29 branches throughout the UAE, Oman, Bahrain, Qatar, Jordan, Lebanon, and the Palestinian Autonomous Area, including an offshore banking unit in Bahrain. This extensive regional coverage is strengthened by another member of the HSBC Group HSBC Bank Egypt, and by its associated companies, the Saudi British Bank and British Arab Commercial Bank. In addition to its Middle Eastern network, the Bank has a representative office in Tehran, Iran. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
