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Bibby Financial Services Heads Across The Channel

Bibby Financial Services has further expanded its European operations and has launched a new company in France. The opening in spring 2005 marked a turning point in the French financial arena as it was the first time in more than 30 years that a non-bank owned or top French listed company has been granted a licence to operate a factoring company in France.

The new Lyon-based firm is the first UK-owned factoring outfit to set up in France and operates as an independent entity to provide business finance to small and medium-sized enterprises.

Director Francois Rossignal who joined the Bibby Financial Services group in the UK over three years ago will head the new company up Francois, has been part of a team investigating the opportunity of setting up a factoring operation in France for the past two years.

Francois said: “Although factoring is a well-known funding alternative among the 2.5 million small and medium-sized enterprises in France, they are served by a ‘Parisian elite’ of finance houses. Bibby Financial Services’ personable and flexible approach to the market provides a stronger offering to a clear segment of the smaller business market. The launch of our French company is a great opportunity to replicate in Europe what has proven to be a successful business model for Bibby Financial Services in the UK.”