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London Scottish Bank PLC is looking for acquisitions to bolster its consumer credit and factoring businesses. The company is parent to Isis Factors PLC and Sygnet Management Services Ltd.
12/06/2002
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Regency House Finance, a factoring company based in Lancashire, has released its directors’ report and financial statements for the period ending 31 January 2002. The statements showed a 27.6% increase in profit to Ј130,083 from Ј101,909 for the year 2000.
12/06/2002
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FEDERATION of Small Business Scotland on Sunday criticised the government's attempts to improve the "late payment culture", branding legislation which allows businesses to charge interest on overdue bills as ineffective.
FSB Scotland parliamentary officer John Downie said the legislation, introduced by the government in 1998, was "doomed to failure from the start".
The attack comes at the same time as a report by bank Alliance & Leicester revealed a quarter of all small and medium businesses said overdue payments by customers remained their biggest worry.
11/06/2002
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East European Factoring Association 2nd Annual conference New factoring markets: trends and opportunities 28-30 August,2002, Corinthia Nevskij Palace Hotel, Saint Petersburg, Russia
11/06/2002
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Tyco said the sale of its CIT finance unit could be delayed a week. The company had promised to complete the sale by 30 June 2002 , but says it is still unclear whether the unit will be sold to another corporation or spun off through a share offering. This follows a period of troubles for Tyco International Ltd., a diversified manufacturing and service company.
11/06/2002
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BA-Creditanstalt-Leasing Poland, a financial leasing services company is to merge with Bankowe Towarzystwo Leasingowe SA, a leasing services company and PBK Leasing SA, a factoring and financial leasing services company. The news was reported on the business news service Zephus.com.
The deal was announced last week and will be an 100% merger with BA-Creditanstalt as bidder.
Source: BCR
07/06/2002
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iBX Group, Inc., a publicly held Florida corporation, on Wednesday announced the establishment of a national strategic alliance with Sun Capital HealthCare, Inc. to provide accounts receivable financing and medical equipment leasing services to health care clients through the formation of iBX Financial Services.
07/06/2002
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Bay View Capital Corporation announced yesterday the sale of its San Mateo-based factoring business with approximately US$25 million in factoring receivables. The sale of the Bay View Funding division was made to a group of investors led by the factoring company's current management team. The transaction is earnings-neutral to Bay View Capital Corporation on a pre-tax basis.
06/06/2002
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Five Arrows Commercial Finance Limited enjoyed a seven-fold increase in profit for the year ended 31 March 2001. Profit before tax rose from Ј128,038 for the year ended 31 March 2000 to Ј1,036,684.
Ian Steward, Managing Director of the company, said “I am delighted with the growth in profits last year which can be attributed to significant new business levels and minimal levels of bad debt. The previous year was depressed by one large fraud which I believe was an isolated case and is certainly not representative of the rest of our portfolio which is performing well.
06/06/2002
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The Factors and Discounters Association (FDA), the trade body representing factors and invoice discounters in the UK, has released the following figures. The figures show that the industry has maintained a healthy rate of growth during the first quarter of 2002. However, non recourse sales volumes have decreased by 4% from Ј2802 million in the first quarter of 2001 to Ј2698 million. It is also apparent that invoice discounting services continue to experience accelerated growth when compared with factoring services.
06/06/2002
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Leading business finance firm Bibby Financial Services launched a free guide last week to help business owners trade through a slowdown in the economy.
“The Essential Guide to Surviving an Economic Downturn”, has been designed to provide practical advice on how to handle the challenges that a slowdown presents: from recognising the need to take action to reviewing and reducing your overheads.
05/06/2002
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Asta Funding, Inc., a leading consumer receivables asset management and liquidation company, today announced that the company has acquired three distressed consumer receivable portfolios totalling US$490 million. All of these portfolios contained distressed consumer credit card receivables and were purchased at substantial discounts.
05/06/2002
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Unicredito Italiano SpA said it has reached an agreement to buy a 50% stake in Koз Financial Services, a unit of the Turkish group Koз, for US$240 million.
The Koз Group, who own the factoring subsidiary Koз Factoring Hizmetleri A.Ю. based in Istanbul, has been the first Turkish company to sign a partnership agreement in the financial services industry following Turkey’s 2001 crisis. Forming a 50%-50% partnership with Europe’s strong financial institution Unicredito Italiano SPA, the Koз Group signals that it will further improve its position in the industry.
31/05/2002
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More businesses are turning to invoice discounting to assist their export drive into Europe finds the latest Factors & Discounters Association (FDA) figures. While domestic services remain strong, export invoice discounting has grown at a startling 31% compared with a year earlier – further demonstrating that export invoice discounting has seen their most rapid growth in client services over the last five years.
31/05/2002
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Euro Sales Finance (Euro Sales), a specialist provider of invoice discounting and factoring services, has gained membership of the Factors and Discounters Association (FDA) for its business in the UK, as a result of its purchase by The Royal Bank of Scotland Commercial Services.
30/05/2002
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