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The Government of Taiwan is seeking to accelerate the introduction of a new law aimed at reducing the number of financial institutions operating in the country by encouraging mergers.
13/11/2000
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The French based bank Crйdit Lyonnais has sold 85% of its Portuguese subsidiary Crйdit Lyonnais Portugal to the Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA). BBVA is then to bid for the remaining shares in the company at a price of 5 euros per share.
The total cost of the acquisition is reported at FFR164m (25 million). The sale is a response to the EU Commission’s 1998 imposition of restrictions on Crйdit Lyonnais following a high cost financial rescue by the French government.
13/11/2000
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In January-June 2000 the six largest listed Malaysian banks recorded new non-performing loans at an annualised rate of 11% on outstanding loans, with the same trend continuing into July. A more normal rate is considered to be in the area of 3%.
The main cause of the problem is reported to be politically based corporations that are already being supervised by the debt restructuring agency set up by the government. They have not yet completed their restructuring programmes and have apparently not yet been able to take advantage of renewed growth in the national economy.
13/11/2000
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The USA based SunTrust banking group which includes a factoring operation has reported net income of $326.8m in the third quarter of 2000, a modest increase of 1.7% and equivalent to $1.10 per diluted share.
At the same time the group experienced a 60% increase in non-performing loans. This reflects a more general increase in bad loans recently reported in the USA.
Financial Times
13/11/2000
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In the July-September 2000 quarter Bank of America, the second largest US financial services company, whose interests include factoring, recorded its non-performing loans at $4.4 bn, an increase of 45% over the $3 bn of July-September 1999.
13/11/2000
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UniCredito Italiano SpA, the Italian banking group, is to bid for the Czech Republic’s third largest bank, Komercni Banka (KB) which is to be sold by the Czech government in the near future.
UniCredito already has a presence in the former Soviet bloc, having acquired a 50.99% holding in Bank Pekao of Poland.
Financial Times
13/11/2000
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The EU’s single market commissioner, Frits Bolkestein, has today urged EU banks to speed up payments between banks and reduce the cost of cross-border money transfers. Currently customers making cross border transfers are frequently subjected to double charging and the charge levied on international transfers is ten times greater than that for a transfer between two domestic banks.
Financial Times
10/11/2000
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The proposed merger reported last month between Kereskedelmi es Hitelbank (a subsidiary of Belgium’s KBC Bank) and Magyar Bank (owned by the Dutch group ABN Amro) was confirmed yesterday. The merger will create the second largest bank group in Hungary, with a market share of approximately 15% and assets of 3.9bn.
10/11/2000
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The leading online marketplace for the global seafood industry, Worldcatch has today launched a factoring service offering sellers of seafood up to 80% of their invoices within 48 hours of product delivery.
This is being offered through a partnership with the financial services company Sun Trust Bank.
Source: Business Wire
10/11/2000
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A deal was completed today which saw Unicredito Italiano raise its stake in Poland’s Bank Pekao from 50.09 % to 53.15%. The German company Allianz AG has also today raised its stake in the Polish bank from 2% to 2.12%.
The Polish bank owns a factoring subsidiary, Pekao Faktoring.
Source: Zephus
09/11/2000
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Fairfax Gerrard Holding Limited today released their annual accounts for the year ended 31 December 1999. Turnover has fallen by 4.84% to Ј1,358,681 from the 1998 figure of Ј1,427,776. Pre taxation profits have risen by 20.41% to Ј337,367 from the 1998 figure of Ј269,012.
BCR Publishing
BCR Comment
07/11/2000
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As of today, the company formally known as Credit Lyonnais Commercial Finance Ltd will be known as Eurofactor (UK) Ltd.
Reflecting changes in France (as reported on 14 March 2000), the company’s previous shareholder, Credit Lyonnais, has entered into a European factoring and discounting joint venture with the credit insurer, Euler Group.
07/11/2000
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Den norske Bank, Norway’s largest bank and parent company of one of the Norwegian factoring industry’s major players (DnB Factoring) yesterday announced a 29% increase in pre-tax profit for the first nine months of 2000. Profits for the nine months total NKr3.85bn (US$415m). Total income rose by NKr1.7bn to NKr14.9bn.
Financial Times
07/11/2000
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The CIT Group Inc (which offers a range of financial services including factoring, structured financing, equipment, commercial and consumer financing facilities) has recorded net income of $451.5 million in January-September 2000, an increase of 58% from $285.1 million in January-September 1999.
Total managed assets rose to $54.6 billion by end-September 200 (of which $47.3 billion, 87%, were commercially based) from $51.4 billion at end-1999 (of which $44.2 billion, 86%, were commercially based).
06/11/2000
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KBK Capital Corporation of Fort Worth, Texas (which provides commercial loans, mezzanine loans and factoring to middle-market businesses) has reported net income of $277,700 in January-September 2000, an increase of 127% year-on-year. This resulted in an increase of 1.1% in return on net average earning assets in July-September 2000 compared with growth of 0.8% in July-September 1999.
06/11/2000
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