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The planned merger between SEB and FцreningsSparbanken, two of Sweden’s largest banks, has become unviable as a result of concessions demanded by EU rules. The commission demanded that bank sell branches and offload customers to reduce its market shares in loans and deposits, and its business with small and medium-sized companies. SEB’s chairman, Jacob Wallenberg, estimated that the combined bank could have been forced to offload as many as 1m of its 5m customers to rivals.
20/09/2001
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Demirbank Bulgaria has been bought by a Turkish consortium consisting of the former owner of the bankrupt Turkish bank, Halit Cingilioglu, and Mr Aidan Dogan, the owner of Dogan Holding. The consideration was not disclosed. A total of six bids were received for Demirbank Bulgaria. The consortium is also bidding to buy several of Demirbank’s other subsidiaries, for which it has offered to pay US$95m.
20/09/2001
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A 62.5% stake in Demirbank Romania, the company which, according to figures submitted to Factors Chain International for the year 2000, accounts for 25% of Romania’s total factored volume, has been purchased by Unicredito Italiano. Unicredito Italiano is the parent company of Italian factors, Unicredit Factoring.
18/09/2001
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As part of its attempts to keep pace with the rapidly changing scenario in the financial sector, the Indian Institute of Bankers (IIB) has drafted a variety of programmes to provide professional education in order to develop professionally qualified and competent practitioners in the banking and financial sectors.
17/09/2001
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An informed source in Canada was speaking to a colleague in an undisclosed Canadian factoring company owned by a major international bank. The source asked if following the tragic events of Tuesday 11 September 2001 his colleague expected to be swimming in a sea of credit losses. His colleague is reported to have said “No. We are drowning in a sea of credit losses.” This is one of the knock-on effects of the attacks on the USA earlier in the week.
14/09/2001
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Artikos Chile, a company formed with a US$9mil investment by Banco de Chile and BCI (Banco Credito e Inversiones), is planning to develop in the next two years a US$4m business and reach more than 3,000 clients. The site will operate among B2B companies offering aggregated value services. Its main objective is to produce significant savings in the participating companies buying and selling processes, at the same time as it increases its business, entering new markets and using high technology.
14/09/2001
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Sterling National Bank, the principal banking subsidiary of banking and financial services company, Sterling Bancorp, today announced the launch of a new initiative in the international trade services sector. As part of a strategic plan to extend its reach in the trade services sector, the bank has obtained regulatory approval to establish Sterling National Asia Limited, its new trade service company in Hong Kong. This facility enables Sterling to provide enhanced service to its clients who actively trade with Asia.
12/09/2001
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Intuit Canada Limited, the Edmonton-based provider of e-finance solutions, together with the one-stop financing shop, Alliance Financing Group Inc., announced today a strategic relationship that will benefit small business owners in Canada, by expanding their lease and loan financing options.
Intuit (NASDAQ symbol INTU) is a leading developer of small business and personal financial software and solutions. Alliance Financing (CDNX symbol YFG) provides financing solutions for small-to-medium-sized enterprises (SMEs).
12/09/2001
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European business leaders are scared. For all the brave words and fine talk that the worse may soon be over, industrialists and bankers gathered last weekend at their annual get together on the banks of Lake Como did little to disguise their overriding pessimism.
"Economists may be pragmatic and sober but the financial markets have gone out of control," said a Paris-based investment banker.
The signals from around the world suggested that industry had to brace itself for "not an easy season".
11/09/2001
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"There is some anecdotal evidence that use of the euro is increasing a little," says Leslie Gunde, associate director at the professional services firm, KPMG. "But there is no question that the move has been much slower than might have been expected."
Yesterday, the Lloyds TSB Business in Britain survey found that 63 % of British exporters were still not invoicing in euros -a fall of only 6 percentage points from last year's survey.
11/09/2001
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Global Trade Finance Pvt Ltd, the factoring joint venture company of Exim Bank of India, WestLB (Westdeutsche Landesbank Girozentrale) of Germany and IFC, Washington, is expected to begin operations in the next ten days.
11/09/2001
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HBOS, the bank formed by the merger of Halifax and Bank of Scotland, is to recruit hundreds of staff in an attack on the small business banking market in England and Wales, currently dominated by the “Big Four” high street clearers.
The new bank, which makes its debut on the London stock market today, will put small business bankers in Halifax branches, backed up by call centres and processing operations north of the border, using the Scottish bank's expertise.
10/09/2001
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Managing Director, Ian Clark, discusses company performance and future plans
The Brentwood-based company Aston Rothbury Factors Limited has recorded turnover of Ј1,986,881 for the fifteen month period ended 31 March 2001, which compares with turnover of Ј1,300,890 for the year ended 31 December 1999.
Profits before tax were also greater for the fifteen month period ended 31 March 2001 than for the previous financial year, with figures of Ј218,300 and Ј160,997 respectively.
07/09/2001
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Silverburn Finance UK Ltd have released an abbreviated set of accounts for the year ended 31 January 2001. The results show that the company’s net current assets have risen from Ј1,188,211 in the year ended January 31 2000 to Ј1,475,438 in the year ended 31 January 2001. Silverburn has also recorded an increase of 6.93% in the amounts of current assets due from debtors on the previous year, climbing from Ј1,118,211 in the year ended 31 January 2000 to Ј1,475,438.
06/09/2001
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The Paris-based credit insurer and international financial services group, Euler, has recorded a dramatic acceleration of the amount of its total net income from its interest in factoring operation, Eurofactor. Whilst the contribution of credit insurance to net income slipped from 56.8m in the first six months of 2000 to 52.9m for the corresponding period this year, factoring, the group's other main activity, increased its contribution from 0.7m to 5.2m.
BCR Publishing
06/09/2001
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