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The Bibby Group of Factors, the largest independent factoring organisation in the UK, is to open Bibby Factors in Leeds. The company will be headed by Jocelyn Spratt, who has 15 years’ experience in the financial services industry.
Jocelyn said: “As one of the UK’s leading factoring companies, we took the decision that we needed an office in the heart of the country and Leeds’ central positioning midway between Edinburgh and London makes the ideal location. Being on the ground in Leeds means that we can offer a local, fast and personal services to businesses in the area.
28/08/2001
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The latest Federal Reserve report of loans made by banks reveals they are not nearly as keen as they once were to extend loans to high-tech companies. In its report, the Fed says: "The percentage of domestic banks that reported tightening standards on loans to large and middle-market firms, which peaked at 60% in the January survey and decreased to 50% in the May survey, fell to 40% in August." The Fed also confirmed loans extended to smaller firms followed suit.
28/08/2001
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Mexico's Comision Nacional Bancaria y de Valores (CNBV) has stepped in to administrate Banca Quadrum, one of the 'new' banks to appear in Mexico after privatisation of the sector. The related factoring entity, Factor Quadrum, and financial leasing group, Arrendadora Financiera Quadrum, are also now under administration. Their financial situation has deteriorated whilst certain accounting anomalies have been detected. Provisions against bad loans are insufficient at 11.6% overall. Quadrum's owners have 60 days to come up with fresh capital (not as huge sum it is said).
24/08/2001
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23/08/2001
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A survey of over 1,000 firms by the credit management research centre (CMRC) reveals that businesses within the business and financial services, manufacturing and wholesale sectors are being paid up to 26 days overdue, leaving them with cash flow problems and a culture of late payment.
The research, due to be published this month in CMRC's August 2001 review, also found that less than half the invoices issued by businesses within these industries were paid on time.
23/08/2001
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Gerling Versicherungs-Beteiligungs-AG (GKB) and Swiss Re have reached an agreement on forming a joint venture between Dutch credit insurer NCM, in which Swiss Re has a 90 % stake, and the Gerling Credit Insurance Group.
The new company, Gerling NCM Credit and Finance AG, is to be based in Cologne, and Gerling is to have a 51 % holding. Swiss Re will hold 25 % (+ 1 share) and a private group of investors will hold 24 % (- 1 share).
23/08/2001
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The London-based trade finance company, Merchant Commercial Finance, has recorded a 39.7% increase in turnover in the year ended 28 February 2001 compared to the previous accounts, which covered the fifteen month period ended 28 February 2000. A total turnover of Ј4,831,211 was recorded, which compares with Ј3,456,044 for the previous fifteen months.
21/08/2001
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Five Arrows Commercial Finance, which in the year ended 31 December 1999, recorded profits before tax of Ј890,000, has seen that figure reduced to Ј128,000 for the following year. This represents a fall of 86%, the largest drop in profits the company has seen in recent years. The company’s turnover, however, rose by 8% from Ј6.575m to Ј7.103m.
21/08/2001
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Siam General Factoring, the third largest player in the Thai market behind Thai Farmers Heller and Ayudhaya International Factors, has recorded a net profit of 4m bt for Q2 2001. This compares very favourably with a recorded net loss of 159.7m bt in Q2 2000. Net profit for the first six months of 2001 was 14m bt, which, again, compares favourably with a net loss of 235.8m bt for H1 2000.
Source: Bangkok Post.
21/08/2001
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The Industry Ministry wants laws establishing a new SME bank to explicitly protect lending officers from legal liability if assets turn bad. Exempting employees from normal regulations governing workers at state agencies would speed up lending to small and medium-enterprises, which typically involve relatively higher credit risks than other customer groups.
The Small Industry Finance Corporation, which will serve as the base for the new SME bank, has non-performing loans totalling about 30% of its portfolio, well above the average 18% posted for the banking sector.
20/08/2001
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Cutfin, Absa's debtor finance house, has joined the ranks of almost 150 companies in more than 50 countries by becoming a member of Factor's Chain International.
Mike McNeill, Cutfin sales and marketing head, said: “As more and more companies gear up to start exporting, they seek markets in Europe and the Americas. We see a big need and trend towards cross-border financing.
17/08/2001
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Eurofactor (UK) Ltd, the company formerly known as Credit Lyonnais Commercial Finance Ltd, have recorded a return to profit in their accounts for the year ended 31 December 2000. A profit before tax of Ј189,000 was recorded for the year, which compares with the recorded loss before tax of Ј739,000 in the previous year. Turnover, however, has fallen by 4.63% to Ј7.976m in 2000 from the 1999 figure of Ј8.363m. Turnover per employee however, has risen from 1999 to 2000 as the average number of employees shrank form 47 to 43.
16/08/2001
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The Royal Bank of Scotland plc (“RBS”) has agreed the terms of a recommended cash offer for the entire issued and to be issued ordinary share capital of Euro Sales Finance plc (“ESF”), the European provider of sales finance, valuing the company at approximately Ј68 million.
15/08/2001
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Brazilian banks are reducing the offer of credit to small and medium sized companies due to the growth of default level. One of the alternatives for small players is to advance their receipts through a factoring company, that are also more restricted. According to Anfac (Associacao Nacional de Factoring) this activity moved R$24.3bil in 2000. In addition the officer of PS Factoring, Mr Marconi Pereira, reported that defaults increased by 30% in 2001.
Source: South American Business Information
15/08/2001
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Year end results to 30 June 2001
Euro Sales Finance (“ESF”), the pan European sales finance company, today announces its year- end results to 30 June 2001.
The highlights for the year:
Pre-tax profits before exceptional items and bad debt provisions Ј7.9 million (2000: Ј5.0 million)
Funding issues result in exceptional costs of Ј6.2 million
New management review of business operations results in increase in bad debt provision by Ј13.8 million
14/08/2001
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