|
Demir Factoring, the largest of Turkey’s 95 factors with 8.9% market share in 1999, is facing an uncertain future.
Whilst it has been confirmed that the UK-based global bank, HSBC, will make an investment of $350m after signing an agreement to acquire the failed Demirbank, details of the precise nature of the deal and its implications regarding Demirbank’s subsidiaries are not yet finalised.
24/09/2001
|
|
Davenham Group plc, the niche provider of asset-based specialised finance solutions to the UK small and medium-sized enterprise (SME) market, plans to seek a listing on the London Stock Exchange during October.
The company had revenues of Ј9 million for the year ended 30 June 2001 and pre-tax profits of Ј1.95 million.
Since being founded in 1991, Davenham has provided more than Ј750 million of funding to SMEs in the UK and grown its loan portfolio from Ј6 million to Ј50 million by June 2001.
24/09/2001
|
|
Head of the Small Business Service David Irwin today unveiled a pioneering scheme aimed at giving small business suffering from short-term financial difficulties a second chance.
Under the plan advisers will work as company 'doctors' and put together rescue packages that concentrate on long-term debt management through realistic assessments of businesses for creditors. The credibility of that assessment will be crucial as it will provide the basis for negotiation on payment arrangements with creditors.
They will then:
24/09/2001
|
|
The Secretary of State for Trade and Industry has decided on the information at present before her, and in accordance with the recommendation of the Director General of Fair Trading, not to refer the proposed acquisition of Euro Sales Finance plc by the Royal Bank of Scotland Group under the provisions of the Fair Trading Act of 1973.
24/09/2001
|
|
The new Indian factoring and forfaiting company Global Trade Finance, a joint venture between EXIM Bank and West LB, is formally launched today.
Addressing a press conference in Mumbai Mrs Veena Mankar, Managing Director of Global Trade Finance, said the company was expected to have a turnover of at least US$200m in the first year and was likely to break even around the same time.
21/09/2001
|
|
The annual accounts for Fortis Commercial Finance Limited, the factoring company formed in July 2000 by integrating FMN Financial with the Fortis Bank Invoice Discounting division of Fortis Bank UK, have been released for the year ended December 31, 2000. Turnover has risen by 6.3% in 2000 to Ј6.9mil from the 1999 figure of Ј6.5mil. In both years a loss before tax was recorded.
20/09/2001
|
|
The planned merger between SEB and FцreningsSparbanken, two of Sweden’s largest banks, has become unviable as a result of concessions demanded by EU rules. The commission demanded that bank sell branches and offload customers to reduce its market shares in loans and deposits, and its business with small and medium-sized companies. SEB’s chairman, Jacob Wallenberg, estimated that the combined bank could have been forced to offload as many as 1m of its 5m customers to rivals.
20/09/2001
|
|
Demirbank Bulgaria has been bought by a Turkish consortium consisting of the former owner of the bankrupt Turkish bank, Halit Cingilioglu, and Mr Aidan Dogan, the owner of Dogan Holding. The consideration was not disclosed. A total of six bids were received for Demirbank Bulgaria. The consortium is also bidding to buy several of Demirbank’s other subsidiaries, for which it has offered to pay US$95m.
20/09/2001
|
|
A 62.5% stake in Demirbank Romania, the company which, according to figures submitted to Factors Chain International for the year 2000, accounts for 25% of Romania’s total factored volume, has been purchased by Unicredito Italiano. Unicredito Italiano is the parent company of Italian factors, Unicredit Factoring.
18/09/2001
|
|
As part of its attempts to keep pace with the rapidly changing scenario in the financial sector, the Indian Institute of Bankers (IIB) has drafted a variety of programmes to provide professional education in order to develop professionally qualified and competent practitioners in the banking and financial sectors.
17/09/2001
|
|
An informed source in Canada was speaking to a colleague in an undisclosed Canadian factoring company owned by a major international bank. The source asked if following the tragic events of Tuesday 11 September 2001 his colleague expected to be swimming in a sea of credit losses. His colleague is reported to have said “No. We are drowning in a sea of credit losses.” This is one of the knock-on effects of the attacks on the USA earlier in the week.
14/09/2001
|
|
Artikos Chile, a company formed with a US$9mil investment by Banco de Chile and BCI (Banco Credito e Inversiones), is planning to develop in the next two years a US$4m business and reach more than 3,000 clients. The site will operate among B2B companies offering aggregated value services. Its main objective is to produce significant savings in the participating companies buying and selling processes, at the same time as it increases its business, entering new markets and using high technology.
14/09/2001
|
|
Sterling National Bank, the principal banking subsidiary of banking and financial services company, Sterling Bancorp, today announced the launch of a new initiative in the international trade services sector. As part of a strategic plan to extend its reach in the trade services sector, the bank has obtained regulatory approval to establish Sterling National Asia Limited, its new trade service company in Hong Kong. This facility enables Sterling to provide enhanced service to its clients who actively trade with Asia.
12/09/2001
|
|
Intuit Canada Limited, the Edmonton-based provider of e-finance solutions, together with the one-stop financing shop, Alliance Financing Group Inc., announced today a strategic relationship that will benefit small business owners in Canada, by expanding their lease and loan financing options.
Intuit (NASDAQ symbol INTU) is a leading developer of small business and personal financial software and solutions. Alliance Financing (CDNX symbol YFG) provides financing solutions for small-to-medium-sized enterprises (SMEs).
12/09/2001
|
|
European business leaders are scared. For all the brave words and fine talk that the worse may soon be over, industrialists and bankers gathered last weekend at their annual get together on the banks of Lake Como did little to disguise their overriding pessimism.
"Economists may be pragmatic and sober but the financial markets have gone out of control," said a Paris-based investment banker.
The signals from around the world suggested that industry had to brace itself for "not an easy season".
11/09/2001
|