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Postbank won two prizes at the financial exhibition "Banks, Investments, Money"

February 16, 2007
Postbank won two prizes at the financial exhibition "Banks, Investments, Money"

The hedge instruments and factoring services of the bank were awarded


Postbank was awarded two prizes at the international financial exhibition "Banks, Investments, Money". The official awarding ceremony in Plovdiv was attended by leading businessmen, politicians and representatives of various diplomatic missions in the country.


The first prize in the category "Combined financial products" was awarded for the financial risk hedging instruments, which were successfully launched by Postbank in 2006. The award was presented by Ivaylo Kalfin, Deputy Prime Minister and Minister of Foreign Affairs of the Republic of Bulgaria to Assen Yagodin, Postbank Executive Director.


The factoring services of Postbank, offered by EFG Factors Branch Bulgaria, were honored with a special prize for "Debut on the Bulgarian financial market" in the "Credit products and financing" category.


"The awarded products of Postbank - the financial risk hedging instruments and the export factoring - are innovative business solutions with proven development potential. It was for only a year that the two products established themselves as leaders in their segments", Mr. Yagodin said.


Hedging is still a new business niche in Bulgaria but it progressively becomes more and more popular among the companies in the country. The constant growth of the export presupposes increase of currency exposures, which leads to the need of hedge instruments. In the sector of financial risk management and insurance Postbank relies on the know-how and the potential of Eurobank EFG, which is a market leader in Greece in the development and offering of such instruments.


EFG Factors S.A. branch Bulgaria has combined skills in the trade financing area with the assistance of Postbank and has launched a relatively new financial service on the Bulgarian market - the factoring. Factoring is a three-party transaction between a financial institution (the factor), a business entity selling goods or providing services (the seller) and a trade debtor (the buyer). Factoring means buying up of receivables, through which the companies could increase their cash flow. Through matching finance with professional credit management services and in most cases with credit risk coverage, factoring is a unique package of services dedicated to contribute to resolving the main issues accompanying the sales on open account.


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