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CIT Commercial Services, the leading US factoring company, has entered into an agreement with RetailExchange.com, the online business-to-business exchange for surplus consumer products.
11/12/2000
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The Belgian/ Dutch financial services group Fortis yesterday announced that it is planning to retain its dual headquarters in Brussels and Amsterdam in order to strengthen its grip on its core Benelux market.
This puts to rest rumours that the company planned to create a single European headquarters in Amsterdam or Brussels. Fortis’ chief executive, Anton von Rossum, has said “Fortis is a Benelux based company with a Benelux identity and we have no plans on changing our headquarters in the next few years.”
07/12/2000
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The Insolvency Act 2000, which today received royal assent, is designed to encourage enterprise and to support viable businesses.
The act will give small companies in financial difficulty the option of breathing space within which to present a rescue plan (called a Company Voluntary Agreement or CVA) to their creditors and will improve the efficiency and effectiveness of the procedure of the disqualification of unfit company directors.
05/12/2000
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It has been announced that DnB, Norway’s largest bank, intend to merge their factoring and leasing subsidiaries, DnB Factoring AS and DnB Finans AS. Assuming the merger is granted approval at the general meeting of the two companies, both of which are 100% owned by DnB, then it will be effective as of 1 January 2001.
BCR Publishing
05/12/2000
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An announcement of the sale of the US division of Bank of America Commercial Finance is expected next week. It is rumoured that GMAC, the General Motors subsidiary will be the purchaser.
BCR Publishing
01/12/2000
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It was revealed to factorscan today that Factors Chain International and International Factors Group are to merge. Details of the arrangement are yet to be announced. The two agencies which facilitate 90% of international factoring trade worldwide on behalf of their factoring clients, expect to be in a position to combine operations in the latter half of 2002 or early 2003.
01/12/2000
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The New Jersey based consumer receivables and management company Asta Funding Inc. has today reported results for its fiscal year ended 30 September 2000.
Asta’s net income for the year ended 30 September 2000 had risen by 113% to $5,830,000 from the $2,733,000 recorded the previous year. Revenues increased by 56% from $11,603,000 to $18,110,000 over the same period.
30/11/2000
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The three banks which created the new “superbank” Mizuho in September have reported mixed half-year earnings. Dai-Ichi Kangyo Bank, Fuji Bank (both of which have factoring subsidiaries) and the Industrial Bank of Japan have all been struggling to shed bad loans in the light of increasing rates of corporate bankruptcy.
29/11/2000
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The Czech Republic’s third largest banking group, Komercni Banka is poised for privatisation and big players across Europe are lining up to win the 60% of the bank which has been put up for sale by the Czech state. Komercni Banka is the owner of the fourth largest player by market volume in the Czech Republic’s factoring industry. Komercni’s factoring subsidiary, Factoring KB, currently holds 16% market share.
Komercni Banka recorded a loss of 30 million for the first nine months of 2000, in spite of repeated government intervention.
29/11/2000
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The invoice finance arms of The Royal Bank of Scotland and NatWest Bank
are to merge. From 1 January 2001 the combined business will be called The Royal Bank of Scotland Commercial Services and full integration is aimed to be completed by
mid-2001.
The combined business will handle client sales turnover of Ј16billion and will have 12 offices across the UK, each with the power to make decisions on a regional basis.
It is hoped that this will ensure a close working relationship with individual companies
and foster the development of tailor-made solutions.
28/11/2000
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At the law firm Wilde & Partners’ Christmas reception on 24 November a new logo and brand identity was announced. From now on the company, which specialises in legal issues concerning the factoring industry, will be known as Wildes.
BCR Publishing
27/11/2000
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It has been announced today that Euro Sales Finance will be providing growth capital for one of the leading online suppliers of IT products, WStore UK. WStore, which was launched in France in January 1998 and opened its UK arm in July 1999, currently offers over 15,000 products and Ј80 million stock.
This deal parallels one made between the French branches of both companies.
BCR Publishing
27/11/2000
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Natwest has become the first major bank in the UK to offer small business customers an overdraft facility which is not repayable on demand at the bank’s whim. This will effectively give SME’s greater control over their finances and enable them to plan more thoroughly.
27/11/2000
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The Bank of England has today released a report on finance for small businesses in deprived communities. This report is intended as the first in a series of assessments of the provision of finance to businesses in small communities
The report’s key findings are that banks currently lend over Ј1.5 billion to small businesses in deprived areas, although the margins on such loans in these areas tend to be rather higher than in the UK as a whole, reflecting a higher assessed level of risk.
24/11/2000
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The financial services group Finantra yesterday announced that it would discontinue a number of its operations including factoring, medical billing, leasing and commercial finance lending. The news came with the company’s third quarter report which showed a loss of $11.31 million. This compares with a loss of $284,304 for the corresponding quarter in 1999.
Finantra’s factoring subsidiary America Factors Group is likely to be liquidated in nine to twelve months’ time.
24/11/2000
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