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DCD Factors PLC today released their annual accounts for the year ended 31 December 2000. Turnover has risen by 50.06% to Ј744,718 from the 1999 figure of Ј496,287. Pre-taxation profits have risen by 1133.29% to Ј119,308 from the 1999 figure of Ј9,674.
This rapid expansion of profit is typical of the profit growth format of a small factoring company in its third year.
BCR Publishing
21/03/2001
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The financial services holding company, Greater Bay Bancorp, has announced that it has signed a definitive agreement to acquire the Washington-based factoring and asset-based lending company, CAPCO Financial Company, Incorporated.
Greater Bay Bancorp will purchase the company $8.5 million in cash and stock. The regulation is subject to regulatory approval and is expected top close in the first quarter of this year.
19/03/2001
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The Bank of England has published the eighth edition of its ‘Finance for Small Firms’ report. The executive summary presents the following findings:
Business Environment
19/03/2001
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Borrowing by small businesses rose by an underlying Ј1.0 billion (+3%) in the final quarter of last year. This was higher than the previous quarters rise and bought total lending to Ј38.9 billion at the end of the year. Over two-thirds of the rise was accounted for by an increase in variable rate term loans.
The final quarter saw 26,000 more current and deposit accounts for small businesses, whilst an in crease of Ј2.3 billion raised the level of their total deposits to Ј41.2 billion.
19/03/2001
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Sanwa Bank (parent of the Japanese factoring company, Sanwa Business credit Co Ltd), Tokai Bank (parent company of the Central Factors Ltd) and Toyo Trust & Banking are set to merge into UFJ Holdings. The merger in April will form Japan’s fourth largest bank.
Source: Financial Times
BCR Comment
16/03/2001
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Rumours have emerged that Credit Agricole SA, parent company of French factors Transfact, is to float on the Paris stock exchange. It is understood that Credit Agricole plans to list in the second half of 2001.
Source: Zephus
16/03/2001
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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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