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CIH Bank: Clarifications on Factoring Activity and Corrective Measures
CIH Bank has provided clarifications following the publication of information regarding anomalies discovered in certain factoring transactions with some clients.
Upon the discovery of irregularities, the bank promptly identified the issues and implemented corrective measures, allowing CIH Bank to recover its rights and safeguard its interests.
A comprehensive review of the entire factoring portfolio was conducted to ensure transparency and compliance. As part of its prudent risk management policy, the financial statements as of the end of September 2023 include provisions covering residual and prospective risks related to this activity.
It is emphasized that the provisioning efforts are expected to have a limited impact on the 2023 results compared to 2022, thanks to the performance achieved in the activity and the progress recorded in terms of Net Banking Income (NBI) and gross operating profit.
CIH Bank's proactive response demonstrates its commitment to maintaining transparency, taking swift corrective actions, and ensuring the stability of its operations in the interest of its clients and stakeholders.