|
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
|
|
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
|
|
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
|
|
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
|
|
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
|
|
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
|
|
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
|
|
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
|
|
A new Inland Revenue/Customs and Excise unit is to be set up by the UK Government with the aim of considering proposed rescue plans, Company Voluntary Arrangements (CVAs), presented to it by businesses that find themselves in financial difficulties. The Government’s intention is to encourage companies to develop on the basis of responsible risk taking by providing more flexible insolvency procedures.
06/11/2000
|
|
Euro Sales Finance plc, the independent European provider of sales finance solutions, today announced the appointment of Bernward Rohmann as Chief Financial Officer. The incumbent CFO, Steven Hartley, will be assuming a new role as Special Projects Director.
Mr. Rohmann, 49, has a banking background with focus on treasury and capital markets. He has previously worked in Germany, running the DM-Treasury for JP Morgan and was managing director for UBS.
BCR Publishing
06/11/2000
|
|
In the first half of 2000 investment in start-up companies in France rose by over 25% to FF3.4 bn from FF872m in January-June 1999, according to a study by Chausson Finance.
Of the total new investment, 70% went into Internet companies. However, due to the general fall in the value of Internet shares some companies have recently postponed planned share issues.
Financial Times
03/11/2000
|
|
The UK Department of Trade and Industry has set up a task force to examine the causes of over-indebtedness and look for ways of encouraging responsible lending and borrowing. The task force will begin work before the end of 2000 and will report to the government by spring 2001.
The new project will target three main issues. It will seek:
03/11/2000
|
|
Isis Factors Plc, a subsidiary of London Scottish Bank and established in 1991, has joined the Factors and Discounters Association (FDA).
Isis specialises in the provision of a customised service for small companies and typically uses a single account manager to run the whole of the company’s relationship with a given client.
Isis aims to use its membership of the FDA as a means of developing the profile of factoring and sharing industry knowledge and best practice methods.
Business Money Ltd
03/11/2000
|
|
At Ј30m, NatWest Bank led the list of loans made under the Small Firms Loan Guarantee Scheme during the six months to end-September 2000, making up 23% of the Ј129m total.
NatWest was followed by Lloyds TSB Bank at Ј26m, Barclays Bank at Ј25m and HSBC Bank at Ј19m.
03/11/2000
|
|
03/11/2000
|