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Only seven per cent of people turn to their bank manager as their first choice for business advice, according to a new survey from Bibby Financial Services, the financial services group which operates through a national network of 13 autonomous companies across the UK
16/10/2001
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Brumark Decision Causes Lending Concern
The Brumark Ruling, which was made as a result of an action brought by The New Zealand Tax Authorities in May this year, is likely to have a significant impact on both corporate lending by UK banks and the willingness to borrow by SMEs, warns Ian Wilkins, regional managing director of Cattles Invoice Finance.
15/10/2001
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Five Arrows Commercial Finance has further strengthened its senior management team with the recent announcement of several promotions.
Clive Cosgrove has been promoted to the board. He will be responsible for trade finance as well as the client and internal audit programmes. He also becomes deputy chairman of the Five Arrows Commercial Finance credit committee.
John King, who is the company secretary, has been appointed finance director.
15/10/2001
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Manufacturing industry is still in a “critical condition”, the British Chambers of Commerce said yesterday, reporting the results of its latest quarterly survey. The BCC did not expect the economy to go into recession, but said many manufacturers were facing serious cash flow problems despite the six cuts in interest rates this year.
The survey showed service industries slowing down but continuing to grow, with confidence at close to the levels recorded over the past year.
15/10/2001
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When the Competition Commission started its inquiry into small business banking 19 months ago, the arguments seemed obvious.
The big four banks controlled 80% of all business current accounts and, according to a Treasury sponsored review by Don Cruickshank, now chairman of the London Stock Exchange, were making "excess profits" of up to Ј1.5bn a year as a result of this near-monopoly.
15/10/2001
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Corporate Banking Heads Appointed In Four Countries As Part Of Growth Plan
Royal Bank of Scotland, the UK's second largest bank, is expanding its continental European operations by appointing four leading bankers to head its corporate banking businesses in France, Germany, Italy and Spain.
The move is part of the bank's growth plan that identified expansion of its corporate banking and financial markets division in continental Europe as a key priority.
15/10/2001
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Unicredito Italiano, Europe’s second largest banking group, is expected next week to unveil plans to merge five of its seven domestic commercial banks in order to streamline operations. Whilst it is not known what direct impact this would have on the bank’s factoring operation, Unicredit Factoring, knock on effects to the bank’s factoring subsidiary could result.
12/10/2001
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The government has stated that by 2005 the UK will be the best country in the world in which to start a business. Yet three-quarters of Chartered Accountants surveyed by the Institute of Chartered Accountants for a report launched last Thursday agree that the government is not doing enough to encourage an enterprise culture and over half (55%) consider that current support from Government for start-ups is poor or dismal.
12/10/2001
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Bank of Ireland is hoping to lend Ј1bn within five years through a leasing and hire purchase operation launched yesterday.
The bank expects to take on 150 staff in three years.
John Evans, sales director of BoI Business Finance, said the new unit was aiming to be in the top five in asset financing – loans for businesses to buy equipment. He said the bank was spending “several million” on establishing small businesses.
12/10/2001
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New research from Barclays Bank shows that small businesses accessing and using support services are far more likely to succeed and be profitable than those that do not.
12/10/2001
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GE Capital Commercial Finance has recently been awarded two significant awards. According to GE, “these awards testify to our market leading position in commercial finance and represent genuine recognition of how far we have progressed in the last 3 Ѕ years.”
The Turnaround Finance Group has named GE Capital Commercial Finance the Best Balance Sheet Provider 2001.
12/10/2001
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It has been reported that the Romanian government plans to sell a 51% stake in Banca Comerciala Romana in 2002. Banca Comerciala Romana is Romania’s largest bank and runs a factoring operation which, according to figures submitted to Factors’ Chain International, accounted for 10% of the total factored volume in Romania in 2000.
The stake is thought likely to be sold to a major foreign bank or to a consortium of banks. The minimum price for the stake has been set at US$800m.
Source: Zephus
BCR Comment
11/10/2001
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Speakers at the United Nations General Assembly’s Sixth Committee (Legal) unanimously expressed appreciation for the notable breakthroughs of UNCITRAL in many areas. They cited, in particular, the benefits the international community would derive from the Commission's recent adoption of the draft convention on assignment of receivables in international trade and the draft model law on electronic signatures.
10/10/2001
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Robin Lau, head of the Singapore Confederation of Industries (SCI), yesterday urged the government to include in the second off-Budget package expected to be announced on Friday 12 October 2001 the creation of a bank that would specifically cater to the needs of small and medium-sized enterprises.
10/10/2001
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Representatives from 41 countries gather to 'think small first'
Around 400 top government figures from 41 countries across will this week gather for a two day European Small Business Summit at the City Hall in Cardiff, aimed at sharing good ideas on how to boost what is a vital sector of every country's economy.
10/10/2001
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