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KBK Capital Corporation, which provides financial services to middle-market businesses, today reported its operating results for the second quarter and first half of the year 2001.
24/07/2001
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There are very few factoring companies in France (25 at the end of 2000), and the five main players in the sector took on 46.2bn in bills last year, representing more than 80% of total volume.
The country's two leading factoring groups are FactoFrance Heller, which registered net profit of 44.2m and dealt with 16.2bn in accounts receivable last year, and Eurofactor, which generated turnover of 15.31bn for 17.8m in net profit.
Source: Les Echos
24/07/2001
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Taiwan-based Bank Sinopac launched a website--MMAb2b.com to provide factoring service for enterprises in August 2000.
Bank Sinopac has recorded a transaction value of nearly T$60bn via the website to date, and plans to increase the value to RMB100bn in 2001.
Enterprises have applied for over RMB12bn worth of financing through MMAb2b.com since August 2000.
MMAb2b.com reported that a total of 1,396 enterprises have become subscribers, and plans to increase the figure to 2,000.
Source: Chamber World Network International Ltd
24/07/2001
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Euro Sales Finance, the invoice and factoring group that issued a profit warning back in April, has come into play after receiving indicative offers in excess of its net book value. "We must be looking at a price that's at least as much as the NAV, and that's 500p," said sector analyst Justin Bates, of Numis Securities. News of the talks has already helped boost the shares by roughly 30 per cent to 478p. But that's well below last autumn's share price high of 1,570p.
24/07/2001
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MAYBANK Group has come up with an all-in-one financing package for industrialists requiring financing from scratch for their businesses.
The integrated package known as FAC3plus pools the services of Maybank, Mayban Finance, Mayban Assurance and MaybanLife to provide comprehensive financing for industrial concerns, especially small-medium enterprises (SMEs). Under the package, customers can take a loan to purchase industrial land and to construct their factories. They can also get financing to purchase industrial equipment and obtain factoring services and insurance coverage.
24/07/2001
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CEO of Bay View Capital Corporation (based in the San Francisco Bay area) outlined the company's strategy for building shareholder value by focusing on core banking activities and expanding its business lending operations in the San Francisco Bay Area.
“We have already made significant progress implementing our multi-part strategic vision, which we expect to have in full effect by 2002” noted Goldstein.
24/07/2001
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Although it had a net loss under current cost accounting, ZDB Financial Services saw its net profit increase by 177% in historical terms. In its results for the year ending December 2000, the financial institution had a net loss of $9.3 million down from $22.8 million under inflation accounting. Its net profit increased from $7.9 million to $21.9 million under historical cost. Net interest income increased from $24.3 million to $44.9 million and other income rose from $359 074 to $737 050.
24/07/2001
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League tables for over 4,000 companies published by the Federation of Small Businesses (FSB), a member of the Better Payment Practice Group (BPPG), have shown that plcs are failing to make prompt payment a priority.
The private sector performance league tables, published by the FSB In conjunction with the Dun & Bradstreet for the third consecutive year, show that the average length of time it takes plc to pay its suppliers remains at 46 days, the same as in 1999 and 2000 and the payment performance of the slowest paying plc is getting worse.
23/07/2001
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The Serious Fraud Office has released its annual report which this year records the completion of the case against David and Cameron Ross who were charged with fraudulent trading at Winchester Crown Court.
20/07/2001
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Taiwan's Small and medium Business Credit Guarantee Fund (SMBCGF) reported yesterday that a number of banks are to start providing a combined T$1.5bn in lines of credit to small and medium-sized Taiwan-based enterprises on August 1 2001. Participating banks include Chiao Tung Bank, Taiwan Business Bank, and Taiwan Cooperative Bank. The banks are to offer up to T$100m in lines of credit to individual enterprises, at a preferential interest rate of 5.7 per cent.
19/07/2001
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Investment and banking group Nikoil plans to retain its position as the leader on Russia's market in factoring operations.
Nikoil’s Executive Director, Mikhail Treilish, said that the bank's factoring business would rise to $70 million by the end of the year. The Russian market in factoring operations will total an estimated $100 million at year-end.
Nikoil has been in the business since 1999 and is a separate division in the business group.
19/07/2001
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Westdeutsche Landesbank Girozentrale (WestLB), Germany and Export-Import Bank of India (Exim Bank) have joined forces to form a joint venture in India called Global Trade Finance Private Limited (GTF), in which International Finance Corporation is an equity investor. GTF is registered with Reserve Bank of India as a non-banking finance company. The concept is to promote market-driven export-financing solutions for small and medium sized Indian exporters (SMEs) operating in an increasingly competitive world trade environment, by offering forfaiting and factoring under one roof.
18/07/2001
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Ashley Commercial Finance this month has gained three new experienced members of staff. Elaine Ireland has been appointed to the role of Business Development oordinator. Paul Brewster moved from Bibby to start as New Business Manager and Mark Lyon has moved from Arbuthnot to become a Risk Manager at Ashley Commercial Finance.
BCR Publishing
17/07/2001
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The Royal Bank of Scotland Commercial Services is offering faster and easier access to its services in the form of an enhanced small business service. Agreed over the telephone, and allowing initial access to finance within 48 hours, the new KeyCash, service ensures small businesses can obtain up to 90% of cash against invoices in an instant, with full sales ledger management.
16/07/2001
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eCredit, a finance company which provides traditional finance products adapted for e-commerce, has a new on line invoice factoring service which, it claims, is set to challenge the dominance of the credit card for web-based B2B transactions.
Designed to suit to manufacturers and the distribution industry, eCredit places a one click interactive e-button on its client’s websites to provide a fully automated payment method. This funds sales throughout the supply chain and makes on-line trading more secure and efficient.
16/07/2001
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