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According to George Georghiou, Manager of Laiki Factors in Cyprus, there is likely to be a significant growth of around 30% in total factored volume in the year 2000. This is mainly due to tight liquidity caused by a downturn in the stock market, which many entrepreneurs invested in during 1999. They now require working capital to meet their business needs. As a result of this, factoring has seen unprecedented levels of business.
01/08/2000
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Consolidation among companies that provide finance for small businesses is making it harder for companies to get cash, reports the Wall Street Journal. The number of mergers and acquisitions in the last 12 months has been unprecedented leading many industry observers to comment that clients may find it impossible to tell from one week to the next just who to send their new invoices to. As the firms change hands and grow, their policies towards smaller clients change and their appetite for thinly capitalised clients has decreased.
01/08/2000
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Alliance & Leicester is trying to put together a joint venture with an invoice discounting and factoring supplier to offer a full range of business banking services, although further details on who is round the discussion table are currently not available. The new managing director of Alliance & Leicester, Peter McNamara, recruited from Lloyds TSB this year, is aiming to increase levels of business served through its Girobank small-business division - which will be renamed Alliance Business Banking - by at least 20-30 per cent a year.
01/08/2000
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Potential Finance Group plc, which was recently established to provide factoring & invoice discounting services to small and medium sized businesses, based in the United Kingdom, is to be floated on AIM (Alternative Investment Market) on 4 August 2000. There will be 10,473,600 ordinary shares of 25p each will be admitted with an issue price of 125p. The capital to be raised on admission is Ј6.6m.
01/08/2000
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According to Jeff Liu, Senior Vice President of the Chailease Finance Corporation, several banks are currently urging the Ministry of Finance to allow them to provide an import factoring service. The Ministry of Finance has studied the request, but so far has not reached a conclusion. Reasons for the delay in a response are thought to include objections from the Central Bank, who are concerned by the level of risk which banks will be exposing themselves to if an import factoring service is allowed.
31/07/2000
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Underlining an ongoing trend in Taiwanese banking, Dah An Commercial Bank have entered into a co-operative arrangement with the Chailease Finance Corporation. Dah An is the most recent of several banks to adopt and package Chailease’s factoring services as one of their own banking products. In May of last year, Chinfon Bank entered into a similar arrangement and more agreements are currently being discussed.
31/07/2000
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From August 2000, clients of the Chailease Finance Corporation, Taiwan’s largest international factor, will be able to access their accounts on line. The services available will include an on line credit request facility, credit response, A/R assignment and debt management (specifically dealing with receivable ledgers, payment reports and risk control reports).
31/07/2000
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Equity Participation and Trade Finance Services now available.
26/07/2000
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Key figures from Magyar Annual Report(HUF million) 1999
Total Assets 682,963 Shareholders' Funds 61,369 Profit before taxation 7,170 Capital Adequacy Ratio(BIS, unc.,%) 14.0%
26/07/2000
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The Bermuda based Bank of NT Butterfield & Son have made Ј60 million from an MBO of the Manchester based Davenport Group. The successful management team of four is headed by Colin Davenport. The rest of the team consists of Mike Hamlyn and Steve Marsh (who have both been with the company since 1991) and Ray Wise, one of the founders of Euro Sales Finance.
26/07/2000
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Bank lending in Thailand declined 18.7 percent, or 820 billion baht, compared with last year's first half, said Thai Farmers Research Center (TFRC).
According to the data released by TFRC, 13 major banks retain total outstanding loans of 3.58 trillion baht, with the top four banks - Bangkok Bank (BBL), Krung Thai Bank (KTB), Thai Farmers Bank (TFB) and Siam Commercial Bank (SCB) - accounting for 65.24 percent of the total lending amount.
25/07/2000
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The Chinese Government is paving the way for a relaxation of currency trading rules as part of sweeping reforms to the country's financial system. The Governor of the People's Bank of China, Mr Dai Xianglong, also revealed plans yesterday to liberalise interest rate policy completely over the next three years, allowing the market to set both deposit and lending rates.
25/07/2000
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The election result for 2 July was better than expected. The financial markets reacted very well, with falls in country risk and interest rates, plus a rise in the stock market and a strengthening of the peso.
21/07/2000
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The Insolvency Service’s Annual Report, released on July 20th, has shown a 20% increase in the number of unfit directors to be disqualified. The figure has risen from 1,284 in 1998-99 to 1,540. The statistic covers the year ending 31 March 2000 and is likely to spur the Service into taking a progressively more hard line attitude towards high-ranking corporate miscreants.
21/07/2000
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Enel, the Italian electricity group, has created Enelfactoring, a new company which will operate in the corporate factoring sector.
The new company, which will be 90 per cent controlled by Enel and 10 per cent by Italian bank Meliorbanca, will be in charge of suppliers' outstanding credits. Enelfactoring will keep under control the cash flow whilst exemplifying the payments system.
Milano Finanza, June 8 2000
21/07/2000
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