China Information

Thursday, January 18, 2007

HSBC acquires Taiwan Chailease Credit Services Co. Ltd. to become the world's biggest factor

HSBC recently announced that it has reached agreement with Taiwan's leading factoring service provider Chailease Credit Services Co.Ltd. to take over all the latter's shares.Taiwan's international accounts receivable factoring market is the second largest in the world, fully reflecting Taiwan's leadership in Asia's trading market. Chailease Credit Services Co.Ltd. is a factor under Chailease Financial Co. Ltd and is the sixth largest factor of Taiwan. The company specializes in factoring service for international accounts receivable, handling accounts receivable for the buyer and the seller. At the end of 2005 its total assets amount to 99.6 million US dollars (about 3.264 new Taiwan dollars).HSBC currently has a relatively small factoring business in Taiwan. The acquisition will drastically increase HSBC's market share in the factoring business and further enhance HSBC's reputation in providing proficient transnational service in Asia.

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