Areas of First National Business Finance will now be re-branded Abbey National business. Invoice Finance which incorporates invoice discounting and factoring will be one of them.
Other areas to be re-branded are Asset finance - direct and broker introduced asset finance from Ј25k to Ј2m, State Securities - asset re-finance, and Block Discounting - receivables finance.
First National has grown eight-fold since it became part of the Abbey National Group in 1995. First National forms part of the Business-to-Business Division of the Abbey National Group, has assets of around Ј9 billion and, in 2000, made a pre-tax profit of Ј147 million, which equates to 7% of Abbey National's total profit.
BCR
