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Siam General Factoring, one of the 10 members of the Thai Factors Association and a leading player in the Thai market, has reported an audited first-quarter net profit of 7.7m bt. This is down 22% from the previous year.
Siam General Factoring Public Company Limited, (SGF), provides factoring services, machinery leasing, inventory financing, guarantee support and related financial services. Factoring income accounted for 70% of 2000 revenues; fees and services, 10%; inventories finance income, 7%; other income, 7%; leasing income, 4% and interest income, 2%.
16/05/2002
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GE Capital Commercial Services, a leading provider of financing solutions for primarily non-investment grade companies, has sent a commitment letter to 3DO offering a factoring facility up to US$15.0 million with a two-year term.
3DO Company, a producer of consol games, announced this week improved fourth quarter results compared with revenues in the third quarter of fiscal 2002. However, fourth quarter revenues were 14% below the prior year’s fourth quarter.
16/05/2002
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Fortis Commercial Finance Limited, part of the international Fortis Group and one of the leading invoice finance providers in the UK and across Europe, has appointed David Robinson as Corporate Manager for its Manchester office. This role will see David responsible for new business development in the North West.
15/05/2002
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Lloyds TSB Commercial Finance, the leading provider of asset based lending, has announced the appointment of Linda Moulds as Regional Manager in the Thames Valley area.
14/05/2002
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Building on their tremendous success in the last five years, Bibby Financial Services is further expanding its international presence with the launch of a new factoring operation in Poland.
The new Warsaw-based firm – Bibby Factors Polska – will be the first UK-owned factoring outfit to set up in Poland and will provide business finance to small and medium-sized enterprises.
14/05/2002
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Leading business finance firm Bibby Factors Northwest has appointed Scott Bradley as its new Regional Manager. Hew will be responsible for developing new business opportunities throughout the North West of England.
Scott joins Bibby Factors Northwest from GE Capital Commercial Finance where he worked as Regional Manager. He has a wealth of financial services experience having worked for a number of factoring and Trade Finance firms over the years including Davenham Group, Five Arrows Commercial Finance and UCB Invoice Discounting Ltd.
14/05/2002
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BCR today released an information-packed programme for their second Europe-based Receivables Finance International conference. Taking place on the 4 and 5 of July at the luxurious Marriott Hotel in Prague, it promises to be Europe’s foremost factoring event.
Michael Bickers, Managing Director of BCR publishing said, “Our first European conference, held in Amsterdam last June, was attended by 130 top factoring executives from 19 countries. We fully expect the Prague meeting to be even bigger and so far registrations have been strong.”
10/05/2002
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IGF is expanding its sales coverage across the country in response to the increased demand of SMEs for its factoring and invoice discounting services.
Following two recent appointments in the North, IGF has appointed Ian Wedge as regional sales director in southern England. He will head up a new trading division for the Group, responsible for increasing the company’s profile and client base across this region.
10/05/2002
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Michael Bickers, Managing Director of BCR publishing, in the Inside Track section of the Financial Times today, said that factoring has become an increasingly popular option for export companies unable to demand up-front payment.
09/05/2002
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US Funding Corporation, a factoring company based in Hackensack, New Jersey, defended itself on Tuesday against accusations of fraud made by the federal Securities and Exchange Commission.
The company, U.S. Funding Corporation, was accused by the SEC of fraudulently promising investors returns of 20% to 25%.
But Leonard M. Satisky, the company's senior vice president, said U.S. Funding will be able to pay those returns to its 83 investors through its factoring business, buying accounts receivable in the garment and construction industry.
09/05/2002
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Structured finance provider, NMB-Heller, has won the European Venture Capital Journal’s (EVCJ) Award for Asset-Based Finance Provider of the Year 2001. The EVCJ title was granted in recognition of NMB-Heller’s continued support of a cross section of private equity backed businesses.
NMB-Heller was commended for various deals it has been involved in over the past year, all of which demonstrate its reputation as the most versatile player in the structured finance market and an antidote to the increasingly consolidated and cautious clearing banks.
09/05/2002
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Structured finance provider, NMB-Heller announced yesterday that it has secured deals with Midlands-based Electrocal Group and Hartlepool-based Stadium Consumer Products Ltd.
Electrocal Group, a small engineering company which specialises in the manufacture and distribution of gauges and pressure calibration equipment, has subsidiaries in the UK, France and Germany. In October 1996, divisional manager Paul Winters led an MBO with equity debt provided by venture capitalists 3i.
09/05/2002
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Bibby Factors announced this week that it has appointed Stewart Chesters as Head of Operations at Bibby Factors Bedford and Angus Rooms as Sales Manager at Bibby Factors Bristol. Stewart will be responsible for client relations and managing the company’s level of risk. Angus Rooms’ role will incorporate progressing new business opportunities in Bristol, Cardiff and throughout the South West of England.
08/05/2002
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Asta Funding, Inc., a leading consumer receivables asset management and liquidation company, today reported both revenue and net income gains for the three month and six month periods ended March 31, 2002.
Net income for the three months ended 31 March 2002, rose 19% to US$2,634,000 or US$0.59 per diluted share, from US$2,211,000 or US$0.54 per diluted share, as compared to the same prior year period. Revenues for the three months ended 31 March 2002, were US$10,382,000, an increase of 70% over revenues of US$6,116,000 for the same prior year period.
08/05/2002
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Independent Growth Finance (igf), one of the country’s fastest growing independent invoice finance providers, has this month opened a Birmingham Office.
The company have a growing and experienced team who provide services 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 with other products in the pipeline for 2002.
BCR
07/05/2002
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