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With the launch of Internet Ledgerline, HSBC Invoice Finance is now offering its range of invoice finance services via the Internet using its Invoice Finance web site, www.invoicefinance.hsbc.co.uk . The site can be accessed using web browser software.
Business Money Ltd
03/11/2000
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Via its Export Credits Guarantee Department (ECGD) the UK government has launched a new scheme for encouraging small and medium-sized companies to develop a presence in the international market place.
03/11/2000
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UPS Capital Europe are set to grow and have announced the appointment of a new Sales & Marketing Manager, Guy Stead, who has been coaxed away from the Bibby Group to spearhead their business development. UPS have also got their first business on their books: two import clients via the FCI to-factor system and two domestic clients, one brand new to factoring and the other acquired from another factor.
02/11/2000
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Lloyds TSB Commercial Finance Limited (LTSBCF), the largest provider of factoring services by volume in the UK, has teamed up with the international finance software provider, HPD Software Limited, to develop a new software system for the secured asset finance industry.
26/10/2000
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GMAC Commercial Credit today released their annual accounts for the year ended 31 December 1999. Turnover has fallen by 21.62% to Ј73,892,000 from the 1998 figure of Ј94,274,000. Pre taxation profits have fallen by 2.58% to Ј31,153,000 from the 1998 figure of Ј31,797,000.
BCR Publishing
20/10/2000
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City Invoice Finance Limited today released their annual accounts for the year ended 31 December 1999, which was their first year of trading. Turnover for 1999 stood at Ј790,523. Pre taxation losses were recorded at Ј802.
BCR Publishing
BCR Comment
20/10/2000
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Rumours are currently circulating that Budapest Bank are planning to withdraw from the Hungarian factoring market. This would leave only two major industry players in Hungary: Magyar Factors and the Hungarian Foreign Trade Bank. There are also unconfirmed reports that Magyar Factors have been involved in discussions with Budapest Bank on the subject of the latter’s existing clients and future prospects.
19/10/2000
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First National Invoice Finance Limited today released their annual accounts for the year ended 31 December 1999. Turnover has risen by 13.1% to Ј5,793,231 from the 1998 figure of Ј5,122,328. Pre taxation profits have fallen by 49.3% to Ј301,533 from the 1998 figure of Ј594,878.
BCR Publishing
BCR Comment
The reduction in First National’s profit appears to be as a result of a substantial increase in staff costs. This investment is expected to start paying dividends in the current financial year.
19/10/2000
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The banking and financial services company Sterling Bancorp has today announced its results for the third quarter of 2000. Net income was recorded at $4.2 million for the third quarter and $12.1million for the first nine months of the year. Both of these figures represent an increase of more than 12.5% compared to the corresponding figures for 1999.
19/10/2000
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The finance group Santander Mexicano has today announced a net income of P$677 million for the third quarter of 2000, bringing the total for the nine months ended 30 September 2000 up to P$1,333 million (US$141.1 million).
18/10/2000
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The Dutch financial group ING has sold 659m Euros’ worth of shares in Fortis back to the Fortis Group itself. The Fortis group currently runs factoring operations in the Netherlands, France, Germany, England, Italy and Spain.
Fortis had announced earlier in the month that they were planning to implement a programme of repurchasing. The shares repurchased today represents 60% of the target figure specified by Fortis.
18/10/2000
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Capital Bank Cashflow Finance Limited today released their annual accounts for the year ended 29 February 2000. Turnover has fallen by 27.7% to Ј17,628,000 from the 1999 figure of Ј24,394. Pre taxation profits have fallen by 38.8% to Ј1,235,000 from the 1999 figure of Ј2,017,000.
BCR Publishing
BCR Comment:
Capital Bank Cash Flow Finance Limited’s drop in turnover seems noteworthy given their steady expansion up until 1998. The figures in themselves however are not entirely representative of the reality of the situation.
17/10/2000
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Two of Poland’s major banks with factoring divisions, Bank Zachodni SA and WBK (Wielkopolski Bank Kredytowy SA) have today announced that they will merge to form a new bank. Both banks are majority owned by AIB (Allied Irish Banks).
AIB currently has a shareholding of 81.6% in Bank Zachodni, a figure which it hopes to increase to 83% later in the year. As AIB also owns 60.1% of WBK in terms of shareholding, it is likely to hold around 70% of the merged bank.
13/10/2000
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Singapore’s Keppel Tatlee Finance Ltd (SGX:KTFN) has launched a new internet service called e-Factoring. Developed by S&I Systems Pte Ltd the service means that SME’s can manage their accounts receivable and raise working capital from anywhere in the world through www.kfefactoring.com.sg.
Keppel plan to add more online applications in the future, as well as increasing credit facilities and providing a training service and hardware financing for new clients.
Source: PR Newswire
12/10/2000
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Ken Hitzig CEO Accord Financial Corp. has reported record activity in one of its wholly owned subsidiaries JTA Factors Inc., a recourse factoring company based in South Carolina. With growth of over 50% in 1999 and more moderate growth in 2000, he attributes the success to low overheads, competitive pricing and the fact that they have been around for over 20 years.
11/10/2000
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