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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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Deutsche Financial Services UK Limited have released their annual accounts for the year ended 31 December 1999. The company has moved back into the black after two years of losses. Turnover has risen by 29.6% to Ј19,647,805 from the 1998 figure of Ј15,163,940. Pre taxation profits of Ј737,966 have been achieved. This compares with 1998’s loss before taxation of Ј3,919.
BCR Publishing
07/02/2001
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Euro Sales Finance (ESF), the pan European sales finance company, today announced its interim results for the six months ended December 31, 2000. The company claimed that it “has made significant progress towards its objective to become the leading provider of working capital solutions to growth–led businesses throughout the European Union.”
According to ESF, the highlights for the first six months of the year ending 30 June 2001 have been:
06/02/2001
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The financial services company, Asta Funding Incorporated today reported that Asta Commercial, LLC, a wholly owned subsidiary of the company, had acquired the finance receivables and customers of two factoring companies. These two acquisitions have doubled the finance receivable portfolio and should bring the annual factoring receivable volume to between $20 - $25 million over the next twelve months.
05/02/2001
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Heller Net Sud, the Japanese-Chilean firm specialising in factoring and leasing, has announced that Chile’s bank regulator on Wednesday granted it a provisional license to create a bank aimed exclusively at small and medium sized businesses.
HNS is 50% owned by the Chilean businessman Andres Ergas and 50% owned by Heller International, a unit of Japan’s Fuji Bank Ltd and the world’s largest factoring company.
05/02/2001
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Statistics showing insolvencies in the fourth quarter of 2000 were published today by the Department of Trade and Industry.
Company Insolvencies
There were 3,679 company insolvencies in England and Wales in the fourth quarter of 2000 on a seasonally adjusted basis. This was a decrease of 1.5% on the previous quarter and an increase of 6.7% on the same period a year ago.
1.1% of active companies became insolvent in the 12 months ended Q4 2000, the same as the previous quarter and slightly down on the corresponding quarter in 1999.
05/02/2001
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