In the July-September 2000 quarter Bank of America, the second largest US financial services company, whose interests include factoring, recorded its non-performing loans at $4.4 bn, an increase of 45% over the $3 bn of July-September 1999.
The leading online marketplace for the global seafood industry, Worldcatch has today launched a factoring service offering sellers of seafood up to 80% of their invoices within 48 hours of product delivery.
The CIT Group Inc (which offers a range of financial services including factoring, structured financing, equipment, commercial and consumer financing facilities) has recorded net income of $451.5 million in January-September 2000, an increase of 5
KBK Capital Corporation of Fort Worth, Texas (which provides commercial loans, mezzanine loans and factoring to middle-market businesses) has reported net income of $277,700 in January-September 2000, an increase of 127% year-on-year.
The banking and financial services company Sterling Bancorp has today announced its results for the third quarter of 2000. Net income was recorded at $4.2 million for the third quarter and $12.1million for the first nine months of the year.
CIT Commercial Services has announced a strategic alliance with FTADirect, a leading online business-to-business marketplace for the textiles and finished goods industry.
GMAC has joined the eCredit.com Global Financing Network as a financing partner.
Lawrence Rosenzweig of the Barridon Corporation has pleaded guilty today in a federal court to the charge of “wire fraud”, specifically of engaging in a scheme to defraud the financing company Presidential Financing Corporation.
Finatra Captial Inc has announced plans to buy Premium Asset Recovery Inc. a factoring company specialising in the collection of consumer and commercial delinquent paper at discount prices.
Heller Financial Inc. has today appointed Mark Ohringer to General Counsel effective immediately. Ohringer joined Heller’s legal department in 1993 and spent the past 4 years as Chief Corporate Counsel.
