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Independent Growth Finance (IGF) is the latest member of the Factors and Discounters Association after rapidly establishing itself since its launch in 1997.
IGF, who are one of the country’s fastest growing independent invoice finance providers have a growing and experienced team providing facilities to the SME market via a countrywide operation. This is supported by an ever increasing product range, which already includes factoring, invoice discounting, sales ledger management, credit insurance and debt recovery facilities.
28/06/2002
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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.
27/06/2002
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The Turk Ekonomi Bankas group has released its consolidated balance sheet for the year ended 31 December 2001. The statement shows that the TEB Factoring subsidiary of the banking group has experienced a 51.8% decrease in its factoring receivables assets to 40,902 billion Turkish lira for 2001 compared with 84,915 billion lira for the year 2000.
26/06/2002
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CIT Group Inc.’s chief executive Albert Gamper, pitching the company's planned US$5.8 billion stock offering, says Tyco International Ltd.'s ownership of the finance company has left him "war-scarred."
Criticism of Tyco, whose accounting is under scrutiny by the Securities and Exchange Commission and whose former chief executive was indicted for tax evasion, has become a centrepiece of Mr. Gamper's presentations to potential investors during the past 10 days as he tries to persuade them to buy CIT shares from Tyco.
25/06/2002
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The Thai Securities and Exchange Commission yesterday praised 15 companies for providing management discussion and analysis (MD&A) to investors as a positive step toward good corporate governance. Siam General Factoring Co., Ltd. was included in the 15.
MD&A, provided together with balance sheets and financial reports, played an important role in explaining accounting results to investors, officials said.
24/06/2002
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Tyco’s former International Director, Frank Walsh commented on Monday about the litigation filed by Tyco’s board of Directors. He said:
I am sorry that the board of directors at Tyco has decided to take this action. This is clearly an overreaction to the recent and well-reported problems and management changes at Tyco.
The facts are simple:
19/06/2002
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It was leading structured finance provider NMB-Heller’s ability to see beyond the recent storm of negative publicity surrounding the future of telecoms companies that convinced them to put up the funding for an MBI of part of Ascom Group. This has led to the formation of a new UK owned manufacturing company - Cardiff-based ATL Telecom which supplies 100% of BT’s voice transmission access technology requirements.
19/06/2002
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The latest FDA figures find more businesses are turning to invoice discounting to assist their export drive into Europe. While domestic services remain strong, export invoice discounting has grown at a startling 31% compared with the first quarter of 2001.
The figures also demonstrated that larger businesses are continuing to turn to invoice finance - with a dramatic increase of 51% from the first quarter of 2001 shown within companies with sales in excess of Ј10million.
18/06/2002
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Dominique Charpentier is joining Gerling NCM Credit and Finance. He will take over as Chief Executive Officer of Groupe Etoile, a subsidiary of Gerling Namur, active on the bonding and factoring markets.
He is also a member of the Management Board of Gerling Namur and will be in charge of the product strategy of that entity, which covers France, Belgium, and the world outside Europe and the Americas.
Dominique Charpentier remains the Chairman of International Factors Group. A position he has held since 2001.
Source: Gerling-NCM
18/06/2002
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HPSC Inc. announced today that it has discovered that an employee of the company's asset-backed lending subsidiary, American Commercial Finance Corporation, perpetrated a defalcation by which approximately US$5 million was diverted over a period of the last four to five years. The defalcation involved transactions with a single factoring customer.
Factoring is a small segment of ACFC's business activity. The employee in question is no longer with the company.
18/06/2002
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Tyco has filed a suit against former director Frank Walsh. The company said that the Mr Walsh received an improper payment of US$20 million as a finder’s fee after the company bought its CIT lending unit last year.
CIT Group is parent to CIT Commercial Services, the United States’ largest provider of factoring and related services. The group is a leading, global source of financing and leasing capital and an advisor for companies in more than 30 industries.
18/06/2002
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The Royal Bank of Scotland Commercial Services (RBS Commercial Services), the invoice finance arm of The Royal Bank of Scotland, has announced that its London Team, headed by Regional Director Kathryn Singleton, is now complete, following the appointments of David Grier and Mark Clayton.
David, Head of Client Relations, joins the team from Bank of Scotland Cash Flow Finance, where he was Operations Director. Prior to that he worked at the Nationwide Building Society as Controller of Resources and Litigation.
18/06/2002
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WCC intends to acquire all of the issued and outstanding shares of Liquid Capital Corporation, a private, Ontario-based business providing franchised accounts receivable factoring opportunities in Canada. The companies reached Agreement in Principle last Friday.
The Corporation is proposing to offer 6,666,667 common shares of WCC for all of the common shares of LCC currently outstanding. The proposed acquisition of LCC is arms-length, however, certain insiders of the Corporation will be minority shareholders of LCC immediately prior to closing.
17/06/2002
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Paul Beveridge has returned to Venture Finance to head the structured finance division. He left the company to help set up the GE Capital operation in Tunbridge Wells.
Venture Finance has a network of seven UK offices including the Head Office and Small Business Division located in Haywards Heath, Sussex.
14/06/2002
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Newly formed Ultimate Finance Group PLC, a factoring, invoice discounting and trade finance company was admitted to AIM and has successfully raised Ј1.82 million by way of a placing on Wednesday 12th June 2002. A total of 7,583,332 new ordinary shares were placed at the Placing Price of 24p per share. This represents 67.5% of the enlarged issued ordinary share capital.
The Group proposes to offer recourse factoring, confidential invoice discounting, disclosed invoice discounting, trade finance services and credit insurance.
14/06/2002
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