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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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CIT Commercial Services has announced a strategic alliance with FTADirect, a leading online business-to-business marketplace for the textiles and finished goods industry. CIT will provide factoring services to users of FTADirect by providing credit protection to the sellers and lines of credit to the buyers.
11/10/2000
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GMAC has joined the eCredit.com Global Financing Network as a financing partner. The Global Financing Network connects businesses to global information sources and financing vendors and eCredit.com has an extensive partner network of financing vendors that provide a full range of services including factoring.
11/10/2000
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The Commercial Finance Show opened at the Barbican in London yesterday with a report by Mr David Marsden chairman of the Factors and Discounters Association showing that factoring has never been in healthier state.
The FDA currently has over Ј5.5 billion pounds lent to over 27,000 companies and predicts that by 2003 prepayments will have overtaken overdrafts as a means of funding corporate financing.
Mr Marsden gave four principal reasons for the recent success of factoring.
11/10/2000
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Lawrence Rosenzweig of the Barridon Corporation has pleaded guilty today in a federal court to the charge of “wire fraud”, specifically of engaging in a scheme to defraud the financing company Presidential Financing Corporation.
09/10/2000
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Finatra Captial Inc has announced plans to buy Premium Asset Recovery Inc. a factoring company specialising in the collection of consumer and commercial delinquent paper at discount prices.
Finatra who specialise in commercial and consumer finance believe the acquisition will extend their current portfolio by adding to their backend collections operations. The acquisition is expected to be completed by the end of September 2000.
Source: Business Wire
06/10/2000
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Heller Financial Inc. has today appointed Mark Ohringer to General Counsel effective immediately. Ohringer joined Heller’s legal department in 1993 and spent the past 4 years as Chief Corporate Counsel.
Ohringer replaces Debra Snider, who left the organisation last month.
Source: PR Newswire
06/10/2000
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