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Alliance Trade Finance Limited, the speciality trade finance provider, today released their annual accounts for the year ended 31 July 2000. Turnover has risen by 166.66% to Ј30,358,709 from the 1999 figure of Ј11,384,610. Pre taxation profits of Ј359,437 have been achieved following a pre taxation of loss in 1999 of Ј168,066.
23/01/2001
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CIT Commercial Services, the USA’s largest provider of factoring, has today announced an agreement with Commfin, an internet portal that provides online trade finance solutions for business to business exchange participants.
These participants will receive access to accounts receivable discounting, factoring services and, in the near future, inventory financing via Commfin’s website (www.commfin.com).
23/01/2001
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BCR Publishing has today received confirmation that GMAC’s acquisition of the Bank of America’s factoring business was effective as of 31 December 2000. A press release was not issued at the time as “such acquisitions are a normal course of business for us” according to a GMAC representative.
GMAC has declined disclosure of the purchase price of its acquisition.
Rumours have been in circulation since the beginning of December 2000, but there has been a reluctance on the part of both of the relevant parties to discuss the matter.
23/01/2001
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The Bibby Financial Services Group has launched a new division to work alongside Bibby Group of Factors, which is currently the largest non bank-owned factoring company in the UK.
Bibby Asset Finance Limited will offer hire purchase and lease facilities to UK firms, enabling clients to spread the cost of equipment over its working life and to have the security of fixed interest rates.
22/01/2001
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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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