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Leading European banks and insurers have formed a discussion and lobbying group to support the completion of the single market in financial services.
The European Round Table of Financial Services has been founded by the chairmen and chief executives of 12 European financial institutions, but more will be invited to join.
The first chairman of the round table is Pehr Gyllenhammar, who is chairman of CGNU, the UK's largest insurance group.
02/03/2001
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Singer & Freidlander Factors Ltd today released their annual accounts for the year ended 31 December 2000. Turnover has fallen by 8.54% to Ј3,637,816 from the 1999 figure of Ј3,977,282. A pre taxation loss of Ј1,334,757 was made. This compares with the 1999 pre taxation profit of Ј369,252. Their liquidity ratio of 0.95 is the lowest that it has been since 1994, meaning that for the first time in six years their current liabilities exceed their current assets.
01/03/2001
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Distinctive Solutions Corporation, the specialist provider of software for the factoring industry, sold its 500th factoring/asset based lending software system February 26th to CFI in New York.
“We have been providing software to the commercial finance community since 1982.” said Distinctive Solutions’ president, Bert Goldberg. Mr. Goldberg attributed Distinctive Solutions’ achievement to the fact that “we stand behind every system we sell. Our customer support department is second to none in providing fast and accurate information to our customers around the world.”
01/03/2001
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GE Capital Commercial Finance has become the latest member of the Factors and Discounters Association - the trade body representing asset-based financiers in the UK and Ireland.
Launched in 1998, GE Capital Commercial Finance is already well established in asset based lending, providing invoice finance together with funding for inventory, plant & machinery, and property. The company has nine regional offices in the UK and its parent is the US-based global, diversified financial services company, GE Capital, which has assets of more than US$370 billion.
27/02/2001
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Today the Santa Monica (California) based custom software provider, Bayside Business Solutions, have launched their Enterprise Oracle Edition of FactorSoft. FactorSoft Enterprise Oracle Edition has been added to the FactorSoft Windows family of factoring and accounts receivable purchasing products.
27/02/2001
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Heller Financial, Inc., the worldwide commercial finance company, today announced that after an extensive review of strategic alternatives, it will discontinue its origination of U.S. Small Business Administration ("SBA") loans, effective immediately.
26/02/2001
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First Coastal Bank, based in El Segundo, California, has announced that it will begin to market a factoring and accounts receivable financing programme in order to attract the custom of young, entrepreneurial companies. There are few details available presently, but the service is due to be launched before the end of the first quarter of 2001.
Source: Business Wire
26/02/2001
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by Ken Walsleben
Introduction:
26/02/2001
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by D. Brent Wells
Introduction
26/02/2001
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by Pat Stiehm
26/02/2001
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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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