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OFEK Capital Corp has announced the formation of a new American factoring company to be known as AFC, and will be headed up by Mr Tibor Lowy as president. OFEK has also announced a $1m private placement with SMI (SecondaryMarkets.com, Inc- a company effectively controlled by OFEK that is aiming to develop into a major e-commerce-based mortgage-banking corporation).
OFEK hope that the formation of AFC and the development of SMI will provide them with an ideal business strategy to develop the expanding opportunities in the emerging sub-prime loan and factoring markets.
06/10/2000
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In recent months, Lanka Orix Factors have experienced a slight shift in their client base as they take on more medium sized clients than ever before. Managing Director Sudarshan Seneratne believes that it is in part due to the introduction of their Client Terminal System which came into operation in January of this year. He said in July that the new on-line service, which allows clients to view their sales ledgers on line, has been one of the main reasons why his company has been attracting larger clients.
06/10/2000
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Lanka Orix Factors have this month been able to offer their clients the facility to view their sales ledgers on line with a system which they are marketing under the name of CTS. The acronym stands for Client Terminal System, and in addition to viewing the sales ledger, a client can also use the system to request funds from Lanka Orix. With the recent growth of LOFAC’s international factoring market, a system which will streamline day to day affairs of the client/factor relationship could have a significant impact on the size and nature of their client base.
06/10/2000
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The FDA has today published its review of the first half of 2000. The results published in the review are as follows:
Results for the half-year ended 30 June 2000
05/10/2000
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The accounts of FMN Financial Limited (which merged with Fortis Bank Commercial Finance to become Fortis Commercial Finance in July of 2000) for the year ended 31 December 1999 have today been released. Turnover had fallen by 18% to Ј6,461,000 from the 1998 figure of Ј7,878,950. Pre taxation losses had risen by 853.65% to Ј1,897,130 from the 1998 figure of Ј198,919.
04/10/2000
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Euro Sales Finance plc, the pan-European provider of sales finance solutions, today announced the appointment of Gerd Georg as director of its new Frankfurt business.
Mr Georg, aged 46, joins from DG Diskontbank, where he was director and a member of the management board. DG Diskontbank holds 18% share of the German sales finance market, has 220 employees and achieved a turnover of DM 24.1 billion in 1999.
04/10/2000
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The German based bank West LB are planning the launch of a new export factoring service in India, where they believe there is a great deal of market potential. The business will be run from Bombay and at present the preparations are on schedule for a launch in January 2001. The new service has recently submitted an application for FCI membership. Further details on these developments are expected in November 2000.
BCR Publishing
04/10/2000
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Trade and Industry secretary, Stephen Byers, has today announced plans to establish new manufacturing centres of excellence in an effort to promote a regional support network to improve productivity for SME’s.
In addition to this the package will also involve:
Promoting regional innovation
Supporting small business
Providing venture capital
Expanding e-commerce opportunities and
Helping business start-ups
03/10/2000
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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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