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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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A survey conducted by Dun & Bradstreet, the business information group, has shown that German companies on average are the fastest in Europe at paying their invoices.
12/03/2001
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Rumours have emerged that the Singer & Friedlander Group, owners of Singer & Friedlander Factors Ltd, are about to succumb to a takeover bid worth Ј750million, unless it can secure rapid success with its plan to spend Ј400million on fund manager acquisitions.
Source: Zephus
BCR Comment
08/03/2001
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The Bank of England's Monetary Policy Committee today voted to maintain the Bank's repo rate at 5.75%. The minutes of the meeting will be published at 9.30 am on Wednesday 21 March. The most recent change in interest rates was a reduction of 0.25% to 5.75% on 8 Febraury 2001.
Bank of England
08/03/2001
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Bibby Factors Bristol Ltd, part of the Bibby Group of Factors (the largest non-bank owned factoring organisation in the UK), has appointed Nick Philips as its new Sales Manager. His new role will include responsibility for the generation of new business within the Bristol area and the M4 corridor to Swindon.
This appointment sees Mr. Philips return to Bibby Factors where he worked until 1998. More recently he has been self employed, running an e-marketing consultancy for small and medium sized enterprises.
06/03/2001
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From today, Natwest’s small business customers can benefit from a clear overdraft commitment of up to 12 months with the Committed Overdraft, removing the threat posed by the “payable on demand” clause from small business overdrafts. Until now the repayable on demand clause has made it hard for small businesses to plan ahead, leading to anxiety and uncertainty.
The Committed Overdraft applies to both secured and unsecured overdrafts and at no extra cost. Natwest are to provide customers with certification confirming that they have successfully managed their committed overdraft.
06/03/2001
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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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