IFG and FCI start the factoring merger ball rolling in Vienna

News | 25 October 2015

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The much-anticipated merger of the two main factoring bodies, International Factors Group (IFG) and Factors Chain International (FCI) has had its formal starting orders.

At their Annual Meeting in Vienna, the shareholders of International Factors Group (IFG) voted unanimously to authorise their board to proceed with a union between IFG and FCI.

Both boards have agreed to  work together to create the name, structure and plan to build a new organisation that will fully represent the needs of the combined membership of around 400 companies in 90 countries.

Key impacts and outcomes of merging functions and sharing responsibilities are economies of scale under a broader mandate to serve the factoring and receivable finance industry.

As Jörg Diewald, chief commercial officer of GE Capital Bank Germany, the newly elected chairman of IFG states, “This new combined group will combine the best of each of the forerunner organisations. Together we can build on each others strengths and capabilities. We will at last be able to speak to regulators and promote our Industry with one single voice. Now the work begins to make it happen!”

Commenting on his election, Diewald said, “I am delighted to have been elected by the shareholders of IFG to continue and finalise the work started by our previous chairman, Margrith Lütschg- Emmenegger, to bring together IFG and Factors Chain International (FCI) into one global representative organisation.

Factors Chain International secretary general Peter Mulroy told TFR, “I am delighted to see that both the FCI council during their annual meeting in Singapore in June and now the IFG shareholders during their annual meeting in Vienna have agreed to create a single voice for the factoring and receivables finance industry globally.  This will mean a global network  joining forces to support the growth of cross border open account trade finance business, through one dynamic system and set of rules, promoting and advocating the benefits of factoring to stakeholders around the world, and providing global statistics for our industry.  We look forward to 1 January 2016 when the two organisations will officially become one!" 

Pictured from left to right are: Peter Mulroy, Erik Timmermans, Daniela Bonzanini, Margrith Lütschg-Emmenegger, Michel Leblanc, and Jörg Diewald

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