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Effective as of 9.00 this morning, Reedham Factors Limited has become Cattles Invoice Finance Limited. The re-branding is intended to reinforce the company’s link with its parent, Cattles plc and the resources and values associated with the Cattles name.
Beyond the change in name, it is very much “business as usual” at Cattles Invoice Finance, according to group finance director C.J. Blagg: the address, staff, telephone and fax numbers remain unaffected.
BCR Publishing
22/01/2001
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LEGAL BRIEFING: Section 127 Insolvency Act 1986
Bank not liable
Payees are liable to make restitution on cheques under Section 127 of the Insolvency Act 1986 according to the Court of Appeal in Hollicourt (Contracts) Limited v Bank of Ireland [2000].
18/01/2001
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An unspecified American fund has acquired 315,000 shares in Hansabank, the parent of Estonia’s largest factoring company, Hansa Leasing. The share purchase represents a minority stake worth Ј1.73 million. Hansabank’s major shareholder is still Swedbank.
Hansa Leasing have revealed that the transition is unlikely to impact on any of Hansa Banks’ businesses as the stake was previously invested in Hoiubank which merged with Hansabank in 1998.
BCR Publishing
18/01/2001
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An executive with a Little Rock, Arkansas factoring company, Southwest Financial Inc. pleaded guilty to conspiracy and eight counts of fraud in schemes which cheated investors out of more than $13million.
18/01/2001
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Spain’s third largest bank, Banco Popular, has declared a 13.3% increase in net profit from 497m last year to 528m and success in niche sectors such as factoring and leasing has been a significant contributor to this buoyant result. Popular accounts for about 4% of Spain’s total banking assets, but in areas such as factoring and leasing, its share is almost 20%. This is due to Popular’s large client base amongst small and medium sized companies, which are the backbone of the average factor’s client base.
16/01/2001
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The global services company EDS and the credit-solution enabler, Primestreet announced on Friday 12 January 2001 a comprehensive agreement to distribute a real-time credit system for lending institutions. It is hoped that the system will facilitate the processing of credit applications from the USA’s 23 million plus small businesses.
Primestreet is to provide the web-based lending system and EDS will sell, deliver and integrate Primestreet’s technology to enable real-time online lending for large financial institutions.
15/01/2001
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HPD Software, providers of secured asset finance solutions and services, has announced that as part of its long-term growth strategy, it is forming separate companies to focus on delivering internet business solutions and services to its customers worldwide.
15/01/2001
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Netherford Factors Limited today released their annual accounts for the year ended 30 June 2000. Turnover has risen by 7.32% to Ј238,129 from the 1999 figure of Ј21,887. Pre taxation profits have risen by 0.25% to Ј14,652 from the 1999 figure of Ј14,616.
Netherford, although a long term player, has remained small, catering for a niche market in only servicing supplies to the advertising industry.
BCR Publishing
11/01/2001
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The Bank of England's Monetary Policy Committee today voted to maintain the bank's repo rate at 6%. The minutes of the meeting will be published at 9.30 am on Wednesday 24 January. The most recent change in interest rates was an increase of 0.25% to 6.0% on 10 February 2000.
Source: Bank of England
11/01/2001
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The international rating agency, Fitch, has assigned a senior unsecured foreign currency rating of ‘BB-’ (BB minus) to Aktif Finans Factoring and a senior unsecured local currency rating of ‘BB’. The company was also assigned a national rating of ‘BBB+(tur)’. These ratings are the first ever assigned to a factoring company in Turkey.
09/01/2001
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India’s largest player by market share, Canbank Factors, will be launching their new export factoring service today in Bangalore. Domestic factoring currently accounts for 95% of factoring volume in India. Only two other players in the Indian market, Foremost Factors and the factoring division of HSBC, presently offer an international factoring service although West LB are intending to launch an international factoring operation in India later this month.
04/01/2001
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As of today, the company formerly known as Credit Lyonnais Eurofactor will be known as Eurofactor SA/NV. The Brussels-based company has decided on the name change in order to emphasise their position as part of the largest integrated group of factors in Europe.
BCR Publishing
04/01/2001
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It was announced yesterday that the Spanish Bank Banco Popular Espaсol will be purchasing a 50% stake in Heller Factoring Portuguesa. Heller Factoring is one of the larger players in the Portuguese market, achieving a turnover of Ј6.81m in 1999. The cost of the 50% stake was XEU 20 million.
Source: Zephus
04/01/2001
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As of today, the invoice discounting arms of The Royal Bank of Scotland and The National Westminster Bank, Royal Bank Invoice Finance and Lombard Natwest Commercial Services respectively, will operate together under the name of Royal Bank of Scotland Commercial Services. The process of integration will take several months and the new company’s central office will be located in Smith House in Feltham.
BCR Publishing
03/01/2001
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Further to our report of 1 December 2000, it is understood that the announcement of GMAC’s intention to purchase Bank of America’s factoring operation, Bank of America Commerical Finance, has been deferred until the new year. No further information on the expected purchase has as yet been disclosed.
BCR Publishing
20/12/2000
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