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Lawrence Rosenzweig of the Barridon Corporation has been charged today by a federal court of engaging in a scheme to defraud the Presidential Financing Corporation of America.
03/10/2000
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Following the coming together of Alex Lawrie Factors and Lloyds TSB Commercial Finance in January, factoring specialist Alex Lawrie is expanding its operations in Scotland under a new name. Alex Lawrie Scotland has opened in response to a growing demand for its services from the business community.
02/10/2000
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Fortis Commercial Finance today unveiled an innovative Client Service Charter
aimed at setting new standards of customer care for SME's and mid-market
businesses.
The move was announced at the COMFEX 2000 Exhibition in London where
the Company confirmed that the operations of Fortis Bank Commercial Finance
and FMN Financial have now been merged to form the new strengthened
venture, Fortis Commercial Finance.
29/09/2000
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It was announced yesterday that Citibank Poland, which already owns 87.9% of Bank Handlowy w Warszawie, will be buying up the remaining percentage. It is thought that the purchase will occur within the next few days. The acquisition will result in the creation of Poland’s third biggest bank.
Bank Handlowy w Warszawie is the joint owner of one of the leading factors in the Polish market: Handlowy-Heller SA. It is not known at this stage whether the acquisition is likely to impact upon the bank’s factoring operation.
BCR Publishing
29/09/2000
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One of Denmark’s factoring industry leaders, Forenede Factors, has been bought from Den Danske Bank by the Netherlands company, NCM Holding NV. The acquisition was announced on 25 September 2000, but will be back-dated to 1 July 2000. The entirety of Forenede Factors’ share capital was bought from Den Danske Bank in the deal. The consideration was not disclosed.
26/09/2000
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As of 1 October 2000, Northern Bank Factors Ltd will cease trading as a limited company and its factoring operation became a department of Northern Bank plc. The ultimate owner of Northern Bank is the National Australia Group Europe Ltd which also owns Clydesdale Bank plc, Yorkshire Bank plc, and National Irish Bank plc, all of which have factoring departments.
BCR Publishing
25/09/2000
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Factoring specialist Alex Lawrie and leading invoice discounting provider, Lloyds TSB Commercial Finance, are embarking on a new integrated business strategy.
The combined operation provides in excess of Ј750 million of working capital to more than 5,000 SMEs. In addition to this, they also claim to have the largest network of regional offices in the UK and that they are the largest single providers of factoring and invoice discounting in the UK, financing nearly Ј10 billion of sales annually.
25/09/2000
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The e-commerce and internet solutions provider AllnetServices.com Corp has today announced that it has renewed its factoring agreement with Global Asset Exchange Inc and that their factoring credit line has been extended to $1 million.
President and CEO of Allnet Rob Aubel said “The competitive rates and service from Global Asset Exchange has been excellent and we look forward to continuing this relationship…the renewal of this credit facility ensures continued revenue and earnings growth beyond our expectations for the rest of the year.”
Business Wire
20/09/2000
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The USA’s largest provider of factoring, CIT Commercial Services, has further strengthened its position in the apparel e-commerce area today by announcing a strategic alliance with BtoBapparel.com, an internet based business to business marketplace for the global apparel industry founded in the spring of this year. Under the new agreement, CIT will provide factoring and financing services to apparel buyers and sellers via BtoBapparel’s website, opening lines of credit to buyers and offering credit protection to sellers.
05/09/2000
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Fears have been voiced by a Mexican banker that inadequacies in the provision of information are threatening lenders. Victor Borras, director of corporate banking at Grupo Financiero BBVA Bancomen has said that the dearth and poor quality of information cause particular problems when lending to medium sized companies.
05/09/2000
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UPS Capital, part of the UPS Logistics Group, is to set up a European factoring network which should be operational by the beginning of October 2000.
The network is to be headed by Ben Hosh, former Managing Director of Griffin (now HSBC) and of Anglo/Secpac Factoring Services Limited. Its UK division, based in Brighton, will be led by Andrew Gale, also formerly of Griffin, of Anglo/Secpac and more recently, of First National. David Smart who has worked for Hill Price Davison will act as Credit Manager.
04/09/2000
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The venture capital industry has struck a regulatory barrier in its plans to attract overseas investment into Australian funds, prompting a political tussle that could determine whether Australian start-ups gain access to fresh capital.
The obstacle, part of the Federal Government's sweeping tax review, appears likely to discourage overseas pension funds from investing in Australian venture capital vehicles.
24/08/2000
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A 7% increase in turnover for the first half 2000
In the course of the first semester 2000, EULER achieved consolidated turnover of 563.4 million euros, an increase of 7% compared over the same period last year (4% in 1999 compared to 1998). On a constant exchange rate basis, this increase is slightly above 5%.
24/08/2000
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ABC Holdings has just completed its primary listing on the Botswana Stock Exchiange.
The bank is configured to be a one-stop shop for regional business. The objective is to play a key role in promoting investment and trade flows in the region. It has initial capital of about $45,7m, with supporting assets estimated at $253,1m.
ABCH, which has a secondary listing on the Zimbabwe Stock Exchange, focuses on merchant bank activities such as treasury, investment banking, structured trade finance and financing activities such as leasing, factoring and corporate lending.
24/08/2000
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Trading in the shares of French factoring services specialist Factorem SA and the French insurer Assurances Banques Populaires SA will resume in Paris on 3 August. A squeeze-out operation for these companies by French bank Natexis will run from that date until 7 September.
24/08/2000
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