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IntesaBci, Italy's largest banking group and owners of Comit Factoring, won the tender to buy Vseobecna Uverova Bank (VUB), Slovakia's second biggest bank and owners of VUB Factoring, with a bid of 550m.
The planned sale of VUB represents a victory for IntesaBci over Societe Generale of France, the other short-listed bidder.
19/06/2001
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Close Invoice Finance, the factoring and invoice discounting subsidiary of Close Brothers Group plc, has announced the acquisition of south east - based Metropolitan Factors.
The deal will add over 100 clients to the Close Invoice Finance client base, giving a combined total of over 700. The acquisition will bring together two like-minded cultures focusing on personal business relationships, with flexible views towards SME financing across the UK.
19/06/2001
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By Tobi Wilkins
Quantum Corporate Funding, Ltd.
Factors, unlike other financial services professionals, find themselves filling an important niche in today’s commercial financial market. As we have seen over the past several years many banks and other lenders are moving away from some industries and business sectors. This trend offers a unique opportunity for factors who aggressively market themselves.
18/06/2001
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by Bennett L. Cohen,
General Counsel
Cohen, Salk & Huvard, P.C.
The Transition Rules
In the IFA’s 28 September 2000 Midwest Bulletin, the topic of the changes in the law governing debtor default and secured party remedies under the comprehensive revision to Article 9 of the Uniform Commercial Code (the “revision”- which is expected to become law in all or a majority of the states on 1 July 2001), was addressed.
18/06/2001
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The IFA’s Board of Directors for 2000 came up with a Code of Ethics for the Association and has been successfully promoting this code. The Code of Ethics is as follows:
The International Factoring Association (IFA) is an organization comprised of lenders and factors engaged in providing funds to businesses primarily through the purchase of commercial accounts.
The IFA’s goals and objectives are:
1. To promote the growth of the factoring industry by educating the general business community as to the nature and benefits of factoring.
18/06/2001
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Market Performance and Supply
Unfortunately little information on the Zimbabwean factoring industry is available, as most factors are unwilling to supply it.
15/06/2001
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Slovak state-owned bank Konsolidacna banka Bratislava (KBB) will be taken over by state-owned factoring agency Slovenska Konsolidacna (SKo) before 31 October, according to a proposal for the transformation of the KBB to be discussed by cabinet on 6 June. The acquisition will not include part of KBB's receivables and debts, which will be assumed by the state-owned Slovak Guarantee and Development Bank (SZRB).
14/06/2001
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The diversified group of companies called Savia has announced that it has reached a final agreement with ING Group, under which the Dutch financial services company will acquire all of the remaining outstanding shares of the subsidiary that holds Seguros Comercial America (SCA) for a total consideration of US$791 million. This amount was based on an enterprise value of US$1,750 million. After the deal closes, ING will own 86.69% of the share capital of SCA. The remaining 13.31% is publicly traded
14/06/2001
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Bibby Group of Factors Ltd have released their annual accounts for the year ended 31 December 2000. Turnover has risen by 15.75% to Ј29,367,000 from the 1999 figure of Ј25,371,000. Pre-taxation profit has risen by 15.42% to Ј10,007,000. This compares with the recorded pre-taxation profit of Ј8,670,000 in 1999.
BCR Publishing
BCR Comment
14/06/2001
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Regency House Finance Limited have released their annual accounts for the year ended 31 January 2001. Turnover has risen by 41.17% to Ј1,318,062 from the 2000 figure of Ј933,701. Pre-taxation profit, however, has fallen by 36.27% to Ј101,909. This compares with the recorded pre-taxation profit of Ј159,899 in 2000.
BCR Publishing
For a further breakdown and analysis of the accounts, please click through to:
Regency House Finance Limited/ Factors’ Details and Analysis
14/06/2001
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Financial firms that factor agricultural accounts receivable won a big victory last week that should help sustain the crucial liquidity that such firms provide to agricultural brokers and, indirectly, to growers.
14/06/2001
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GLE Invoice Finance has announced that it will strengthen its sales team by appointing Pete Stanton to the position of Regional Sales Director for the West Midlands. Pete joins GLE with many years’ experience, having worked for Bank of Scotland’s factoring and discounting arm, Capital Bank Cashflow Finance.
Pete has been recruited to raise GLE’s profile and increase their client base in the West Midlands and joins a growing sales team. GLE currently has sales offices in Berkshire, Essex, East Midlands, and now the West Midlands as well as their head office in Kent.
13/06/2001
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The Secretary of State and the Chancellor have agreed a request by the Competition Commission for a four month extension to complete their report on the supply of banking services by clearing banks to small and medium-sized businesses. This will enable the Commission to consider further arguments and evidence from the banks.
The period for reporting on the monopoly reference has been extended from 19 June to 19 October 2001.
13/06/2001
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Lending to small businesses rose by Ј1.4 billion (+3.6%) in the first quarter of 2001. This was higher than the previous quarter's rise due to increased overdraft borrowing and brought total lending to Ј40.3 billion at the end of March 2001. Virtually all of the increase in term lending was at variable rates.
The first quarter say little change in the total number of current and deposit accounts for small businesses, although there was a small migration from deposit accounts into current accounts. Deposit levels remained unchanged at Ј41.3 billion.
13/06/2001
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Alliance & Leicester has announced its entry into the growing factoring market in partnership with Bibby Group of Factors. The new offering confirms A&L's commitment to extend the services it offers to businesses and marks another partnership following the recently announced link-up with Legal & General.
The new offering, aimed at small to medium-sized businesses, will trade under the name Alliance & Leicester Invoice Finance and will combine the brand strength and financial backing of A&L with the collections and sales ledger expertise supplied by Bibby Factors.
31/05/2001
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