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ANZ exits SME invoice discounting
23 June 2009
ANZ Bank has announced it is closing its discount invoicing division for SMEs in Australia.
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[ANZ Bank]
[factoring]
[invoice discounting]
[Institute for Factors and Discounting]
[Australia]
ANZ Bank has announced it is closing its discount invoicing division. The bank provided invoice financing to small and medium sized enterprises (SMEs) in its domestic market of Australia. The bank has stated it will notify the 1% of its commercial customers who use product and will offer them other alternatives over the next 12 months.
Invoice discounting allows the bank to lend immediate funds to firms against their invoices. The bank, or discounter, effectively buys the debt at a discount, typically between 80% - 85% of the value of...
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