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HSBC launches factoring for SMEs
Special Correspondent
BANGALORE:
The Hongkong and Shanghai Banking Corporation (HSBC) Limited has widened its product suite for small and medium enterprises (SMEs) in India by offering them factoring services in Bangalore, Mumbai, New Delhi, Kolkata, Pune and Chennai. HSBC's factoring services allow SMEs to concentrate on their core business, while collections are handled by the factor. It also allows SMEs to compete effectively in the domestic and global .
"Many Indian SMEs have been unable to achieve their growth potential because they have had to rely on traditional sources of financing that are usually inadequate,'' Bhriguraj Singh, Senior Vice President & Head, Factoring, HSBC India, told reporters here on Tuesday.
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