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Atlas Trade Finance Limited have released an abbreviated set of accounts for the year ended 31 May 2000. The results show that the company’s net current assets have risen from Ј2,555 in the year ended May 31 1999 to Ј23,458. Atlas has also recorded an increase of 305% in the amounts of current assets due from debtors on the previous year, climbing from Ј1,025,104 in the year ended 31 May 1999 to Ј4,152,060.
28/03/2001
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Jack Henry & Associates, Inc. (which provides integrated computer systems and ATM networking products for banks and credit unions) and the privately held specialist finance software company, eRevenue, announced an agreement to jointly market the eRev(TM) Internet-based factoring solution to 2,800 JHA customers.
Mike Henry, CEO of JHA stated, "Our Banks will now have the opportunity to increase profitability with this Internet accessible commercial lending instrument that further complements our core product offerings."
26/03/2001
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NMB-Heller Ltd today released their annual accounts for the year ended 31 December 2000. Turnover has risen by 23.19% to Ј37,433,000 from the 1999 figure of Ј30,389,000. Pre-taxation profits have risen by 14.59% to Ј6,306,000 from the 1999 figure of Ј5,503,000.
22/03/2001
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DCD Factors PLC today released their annual accounts for the year ended 31 December 2000. Turnover has risen by 50.06% to Ј744,718 from the 1999 figure of Ј496,287. Pre-taxation profits have risen by 1133.29% to Ј119,308 from the 1999 figure of Ј9,674.
This rapid expansion of profit is typical of the profit growth format of a small factoring company in its third year.
BCR Publishing
21/03/2001
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The financial services holding company, Greater Bay Bancorp, has announced that it has signed a definitive agreement to acquire the Washington-based factoring and asset-based lending company, CAPCO Financial Company, Incorporated.
Greater Bay Bancorp will purchase the company $8.5 million in cash and stock. The regulation is subject to regulatory approval and is expected top close in the first quarter of this year.
19/03/2001
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The Bank of England has published the eighth edition of its ‘Finance for Small Firms’ report. The executive summary presents the following findings:
Business Environment
19/03/2001
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Borrowing by small businesses rose by an underlying Ј1.0 billion (+3%) in the final quarter of last year. This was higher than the previous quarters rise and bought total lending to Ј38.9 billion at the end of the year. Over two-thirds of the rise was accounted for by an increase in variable rate term loans.
The final quarter saw 26,000 more current and deposit accounts for small businesses, whilst an in crease of Ј2.3 billion raised the level of their total deposits to Ј41.2 billion.
19/03/2001
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Sanwa Bank (parent of the Japanese factoring company, Sanwa Business credit Co Ltd), Tokai Bank (parent company of the Central Factors Ltd) and Toyo Trust & Banking are set to merge into UFJ Holdings. The merger in April will form Japan’s fourth largest bank.
Source: Financial Times
BCR Comment
16/03/2001
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Rumours have emerged that Credit Agricole SA, parent company of French factors Transfact, is to float on the Paris stock exchange. It is understood that Credit Agricole plans to list in the second half of 2001.
Source: Zephus
16/03/2001
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It was announced yesterday that the Bermuda based conglomerate, Tyco International Ltd, plans to move into the financial services market. The company, which is currently mainly associated with services and manufacture, has declared its new ambition by entering into an agreement with the CIT Group, owners of the largest factoring company by turnover in the USA, CIT Commercial Finance. This agreement will enable Tyco to acquire CIT in a tax-free stock-for-stock exchange. Negotiations have been in progress between CIT and Tyco since November.
14/03/2001
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The Norwegian government is divesting a 13.4% stake in Den norske Bank, parent company of one of the Norwegian factoring market’s major players, DnB Factors.
After the sale, the Norwegian Government will own 47.3% of Den norske Bank. The consideration is around NOK 4.6billion. The shares will be aimed at Norwegian and International institutional investors. Merrill Lynch International is coordinating the sale.
Source: Zephus
14/03/2001
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Cattles plc (formerly Reedham Factors) has announced that it intends to place an additional 14 million shares at a minimum price of 265 pence per share in order to continue the expansion of its consumer credit and corporate services divisions. The company will also use the proceeds to reduce borrowings.
Source: Zephus
12/03/2001
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The Chilean government has launched an initiative designed to help small businesses refinance their debts and rekindle investment. A US$2bn (Ј1.4bn) aid package will be the centrepiece of the scheme.
12/03/2001
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Recording a level of 52.1 in February, the seasonally adjusted Purchasing Managers’ Index (a composite index designed to provide an overall view of the manufacturing economy) signalled manufacturing growth for the fourth successive month. The index rose slightly for the second month running, signalling the strongest growth since January 2000.
The recent expansion indicated by the PMI reflected sustained growth of manufacturing out put and new orders, reflecting the relative buoyancy of domestic demand.
Source: Chartered Institute of Purchasing and Supply
12/03/2001
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The French Bank Credit Agricole, owners of the French factoring company Transfact, has acquired 21million shares (equivalent to 1.2%) in Italian banking group Banca Commerciala Italiana (Comit, owners of the Italian factoring company), for L280bn. When banking group Banca Intesa merges with Comit, Credit Agricole will have 30 million shares in IntesaBci.
After the merger, the stake of Banca Intesa’s shareholders’ agreement in the new, merged bank will drop to 38.1%, while that of Credit Agricole will drop to 14.5%.
Source: Il Mondo
12/03/2001
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