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The Bermuda based Bank of NT Butterfield & Son have made Ј60 million from an MBO of the Manchester based Davenport Group. The successful management team of four is headed by Colin Davenport. The rest of the team consists of Mike Hamlyn and Steve Marsh (who have both been with the company since 1991) and Ray Wise, one of the founders of Euro Sales Finance.
26/07/2000
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Bank lending in Thailand declined 18.7 percent, or 820 billion baht, compared with last year's first half, said Thai Farmers Research Center (TFRC).
According to the data released by TFRC, 13 major banks retain total outstanding loans of 3.58 trillion baht, with the top four banks - Bangkok Bank (BBL), Krung Thai Bank (KTB), Thai Farmers Bank (TFB) and Siam Commercial Bank (SCB) - accounting for 65.24 percent of the total lending amount.
25/07/2000
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The Chinese Government is paving the way for a relaxation of currency trading rules as part of sweeping reforms to the country's financial system. The Governor of the People's Bank of China, Mr Dai Xianglong, also revealed plans yesterday to liberalise interest rate policy completely over the next three years, allowing the market to set both deposit and lending rates.
25/07/2000
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The election result for 2 July was better than expected. The financial markets reacted very well, with falls in country risk and interest rates, plus a rise in the stock market and a strengthening of the peso.
21/07/2000
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The Insolvency Service’s Annual Report, released on July 20th, has shown a 20% increase in the number of unfit directors to be disqualified. The figure has risen from 1,284 in 1998-99 to 1,540. The statistic covers the year ending 31 March 2000 and is likely to spur the Service into taking a progressively more hard line attitude towards high-ranking corporate miscreants.
21/07/2000
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Enel, the Italian electricity group, has created Enelfactoring, a new company which will operate in the corporate factoring sector.
The new company, which will be 90 per cent controlled by Enel and 10 per cent by Italian bank Meliorbanca, will be in charge of suppliers' outstanding credits. Enelfactoring will keep under control the cash flow whilst exemplifying the payments system.
Milano Finanza, June 8 2000
21/07/2000
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Small Business Minister Patricia Hewitt on the 12 July 2000 launched the Business Debtline, a telephone helpline aimed at helping small businesses facing debt problems. The service will provide telephone counselling and a self-help pack of comprehensive guidance on dealing with business debts.
The Debtline telephone number is 0800 197 6026, and calls can be made between the hours of 10am to 4pm, Monday to Friday.
21/07/2000
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The Spanish factoring sector posted a turnover of Pta2,288bn in 1999, up 42.16% on 1998 figures of Pta1,600bn, thanks to Spain's economic stability. Of this figure Pta2,181 was in domestic factoring.
El Pais - Spain, May 28, 2000
20/07/2000
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Finova Group Inc. retained Credit Suisse First Boston to review strategic alternatives, including a possible sale, due to short-term financial woes. Finova is an independent commercial finance company that lends money to middle-market companies with funding requirements ranging from $2 milion to $50 million. The company is looking for ways to increase its credit rating and it is believed that they are looking for buyers or strategic partners to that end. One analyst pointed o Wells Fargo as a possible buyer. Wells Fargo has not commented.
20/07/2000
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MetroCorp Bancshares Inc. announced that Advantage Finance Corporation, the factoring subsidiary of MetroBank N.A., has reportedly been the victim of a fraudulent scheme by a long-time customer, which will require an unusual charge-off against MetroBank's loan loss reserve during the second quarter of 2000. MetroBank N.A. is a wholly owned subsidiary of MetroCorp Bancshares Inc. and provides loans to Advantage to finance its factoring business.
20/07/2000
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Fortis Commercial Finance Up and Running
Fortis Bank Commercial Finance and FMN Financial will from now on be working together under the name Fortis Commercial Finance Ltd. The change will bring the companies in line with their European counterparts as part of a drive to develop the Fortis brand across the whole range of its finance and insurance activities.
20/07/2000
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RDM Factors have opened their tenth office in UK on 8 May. The new branch is located in Manchester and is under the control of RDM’s new Regional Manager for the area: Paul Aspray. This follows close on the heels of RDM opening a Glasgow office in April of this year.
20/07/2000
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Euro Sales Finance Completes 2nd Asset-Backed Securitisation Sructuring
Euro Sales Finance PLC said it has successfully completed the structuring of its second asset backed securitisation. The 300 mln eur programme will be used to finance the growth in ESF's Continental European originated business, initially in Germany and France, it added.
20/07/2000
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According to MBF Capital's Chief Executive Officer Datuk Loy Teik Ngan, sales by MBf Factoring are looking better than last year. Overall, MBF Capital reported a pre-tax loss of RM284m for its financial year ended Dec 31, 1999.
The Star, Malaysia, June 20, 2000
20/07/2000
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SBI Factors is looking for certain regulatory changes to ensure that factoring takes off in a major way. Business is expected to grow significantly in the coming year along with the predicted increase in demand for factoring services from industry.
Business Line - India, June 23, 2000
20/07/2000
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