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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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Canbank Factors achieved a turnover of Rs. 1,000 Crores in 1999-2000 and expect growth of 25-30% in the coming financial year. The domestic factoring market in India is in its infancy and thus the growth potential is enormous. One of the key obstacles to faster growth at the moment is the reluctance on the part of larger corporates to assign the collection of receivables to the factor. Another problem is that there is only full-recourse factoring on offer.
20/07/2000
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Adossag Borze Kft on Wednesday announced that it will launch an internet debt exchange platform for factoring companies from June. Paying a fixed annual fee, any company can enter into the database basic parameters on the receivables it is offering for sale, which will be exclusively accessible to factors licenced by the financial regulator PSzAF. Debts due or undue, and debts owed by companies under liquidation, winding-up or bankruptcy will all be accepted into the database, managing director Atilla Magyar said.
20/07/2000
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The bank is a market leader in Germany in the field of factoring, but has suffered a drop recently in its market share - from 24 to 21 per cent - through the loss of a major client. Turnover fell from DM9.8bn to DM8.2bn, the bank announced recently at the presentation of its annual report.
Frankfurter Allgemeine Zeitung - Germany, May 8, 2000
20/07/2000
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Deutsche Factoring Bnak increased turnover by 8% to about 1.8bn euros in 1999. Annual net profits rose by 1% to 20.6 m euros. They expect domestic business to grow in the coming months, despite growing pressure to manage costs.
Frankfurter Allgemeine Zeitung May 11th, 2000-07-13
20/07/2000
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Gerling Namur Profit up by 43%
20/07/2000
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Gerling-Namur, the subsidiary of German Gerling Credit Insurance Group, saw consolidated profit rise 9 per cent to BFr8.43bn in 1999. In Gerling Credit Insurance Group, Gerling-Namur is responsible for three important European markets: the Benelux countries, France and the UK. Gerling-Namur employs about 460 in Belgium, 200 in France, 50 in the UK and 40 in the Netherlands. Consolidated premium turnover amounted to BFr7bn. This spring (2000), Gerling-Namur completed the takeover of French factoring company Etoile Commerciale.
20/07/2000
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Belgo Factors, FMN Finance Housing and Ace Factors, the Belgian factoring companies, are merging today to form Fortis Commercial Finance NV. The new company will concentrate on credit management and advance financing of receivables. Fortis Commercial Finance Holding, which unites the Belgian, Dutch, French and UK factoring companies of Fortis, will take fourth place in the European market. In Belgium, it has a factoring turnover of BFr 163bn.
20/07/2000
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