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Two of Sweden’s largest banks, SEB and FцreningsSparbanken, yesterday announced plans for a $15.9bn merger. It is hoped that the merger will provide the banks with a platform for European expansion, creating Scandinavia’s second largest bank by assets and third largest by market value. The combined bank is to be called SEB Swedbank.
SourceFinancial Times
BCR Publishing
26/02/2001
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Factoraje Comercial America S.A. de C.V., the factoring subsidiary of one of Mexico’s leading insurance companies (Seguros Comercial America), today announced their fourth quarter and Full Year 2000 financial results.
Factoraje Comercial America’s revenue reached Ps. 77 million. Its portfolio increased by 19% while maintaining its past-due accounts reserved at 156.6%. This subsidiary is the first one in its sector to issue a medium-term unsecured note, rated MxAA+ by Standard Poor's.
Source: PR Newswire
23/02/2001
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Market Performance and Supply
Considering the size of the middle east region and the economies which exist within it, it is surprising that factoring was a relatively unknown industry until the mid 1990’s. Muscat Finance Company was the first to pioneer the concept in Oman and there are currently several companies offering factoring services in the middle east region.
22/02/2001
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SMEs across Europe are failing to maximise the opportunities afforded by e-commerce.
According to the ninth European Business Survey (EBS) conducted by leading business advisers Grant Thornton and forecasting consultancy Business Strategies, over half (53 per cent) of EU SMEs do not have e-commerce strategies in place.
Uncertainty over the size of the customer base, security fears and insufficient market research into the effectiveness of e-commerce are cited as among the top reasons discouraging strategy development.
22/02/2001
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Japan's ruling Liberal Democratic party is preparing measures to help small and medium-sized businesses weather the increasingly difficult economic environment, according to the LDP's policy chief.
Shizuka Kamei, head of the LDP's Research Policy Council, indicated on Monday the proposals would include steps to ensure that banks continue to support small and medium-sized companies.
20/02/2001
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CIT, a leading global source for financing and leasing capital managing more than $50 billion in assets, and 7thOnline, a major B2B provider of web-based merchandising technology and services for the fashion industry, have announced an alliance to provide online credit protection and receivables financing to fashion industry vendors and retailers.
16/02/2001
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The Co-operative bank today has become the first bank to offer small business customers a choice of factoring and invoice discounting services.
Until now, high street banks have insisted that small business customers use the service of their chosen partner in this field.
City Invoice Finance and Euro Sales Finance who will provide individual tailored services to meet the specific needs of customers, are providing the new service.
15/02/2001
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van Schouwen Associates, a full service marketing and interactive agency in Greensboro, North Carolina, has been awarded the contract to design and implement a web site for BB&T Factors.
The factoring subsidiary of BB&T is an outsource for companys' credit and collection activities. In addition, it provides accounts receivable management tools and working capital financing.
15/02/2001
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DG Bank, which owns the factoring company DG Diskonbank, is to merge with GZ Bank, it was agreed on Tuesday. The union will create the country's sixth largest bank with assets of E370bn ($340bn). The proposed deal comes a week after WGZ Bank, a third German co-operative, pulled out of three-way talks with DG Bank and GZ Bank saying that the negotiations had moved towards seeking a full merger rather than a looser form of co-operation. However, the two banks did not rule out WGZ Bank joining them at a later date.
15/02/2001
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The FDA released its statistics for the last quarter of 2000 and the year ending December 2000. The figures show an impressive18% increase in volume for the full year 2000 over 1999 to Ј77.06bn (Ј65.29bn). This compares with a 13% increase in 1999 over 1998 (Ј56.93bn).
Invoice discounting continues to increase its share of total volume, recording a 21% improvement for the year.
Advances to clients show an even greater increase, with the balance at the end of 2000 reading Ј6,242m, compared with Ј4,972m at the end of 1999 – up 26%.
13/02/2001
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The Kent based factoring company, GLE Invoice Finance, is planning to float on the alternative investment market later in the month and it is expected to have a market capitalisation of up to Ј20million.
Company founders Jeff Longhurst and David Richards each hold 10% of the company’s pre-float equity, as well as options on a further 9.5 %. 75% of the equity is held by Greater London Enterprise Group, a body which was established by the former Greater London Council to encourage small and medium sized enterprises in London.
12/02/2001
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1st PM Factors Bancorp (also known as Pmfactors.com) has announced the first fully digital set of contracts signed using a digital signature.
In 1996 Pmfactors.com introduced the first complete internet accounting interface so that its factoring clients would be able to take better control of their finances and depend less on traditional means of acquiring information.
09/02/2001
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The Bank of England's Monetary Policy Committee today voted to reduce the Bank's repo rate by 0.25% to 5.75%. The minutes of the meeting will be published at 9.30 am on Wednesday 21 February. The previous change in interest rates was an increase of 0.25% to 6.0% on 10 February 2000.
Bank of England
08/02/2001
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The US financing company, CIT, today announced the establishment with Taiwan’s Bank Sinopac and C-ME (Cyber Merchants Exchange) of a tri-party financial platform. This agreement will eliminate the need for letters of credit by allowing exporters in Taiwan to ship merchandise to pre-approved retailers in the USA.
Through this arrangement, each party will make an essential contribution to expedite transactions between an exporter and retailer whilst guaranteeing that the terms of the contract are fulfilled. Each party will play a vital role:
08/02/2001
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The financial services company, Asta Funding Inc., which specialises in factoring as well as the purchase, liquidation and management of non-conforming consumer receivables, today reported results for its first quarter ended 31 December 2000.
Net income for the quarter had risen by 45% to $1,754,000 from $1,211,000 compared to the corresponding period in the previous year. Revenues for the quarter had risen 32% on those of the corresponding quarter in the previous year from $3,136,000 to $4,134,000.
07/02/2001
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