All articles by Verdict Staff
Verdict Staff
BNP Paribas posts strong Q110 results
BNP Paribas Equipment Solutions division posted a significant rise in revenues in the first quarter of 2010, standing at 357m, or 81.2% up compared to the first quarter of 2009. The company said that the vigorous growth in revenues, combined with stable operating expenses over the period, contributed to a gross operating income of 162m three times the level in the first quarter of 2009.
Upwards and onwards
Little more than six months after it was created as a separate entity to Leumi ABL, Leumi Invoice Finance has identified potential candidates to which it hopes to upsell asset-based lending services.
Avolon reach agreement to buy leased aircraft
Irish aircraft leasing group Avolon has entered an agreement with Dutch aircraft leasing company AerCap Holdings NV to buy six Airbus A320 aircraft.
Q1 results released for Czech leasing market
Members of the Czech Leasing and Finance Association (CLFA) saw volumes of equipment and vehicle leasing fall by almost 20% year-on-year in the first quarter of 2010 to about 326m (CZK8.34bn). By product type, the share of operating leasing from the total of equipment and transport leasing rose to 28.3%. Vehicle leasing remained dominant with the share of passenger car leasing rising from 22.7% to 33.8%.
GE funds seafood MBO
GE Capital has provided Redditch-based Visual Foods Holdings Ltd with a £4.75m (5.6m) working capital facility, comprising a £3.5m invoice discounting facility, and a £1.25m inventory finance facility. The injection allowed Visuals management team to buy out the business, including subsidiaries Visual Foods Ltd and Dragon Delight Foodservice Ltd, from parent group British Seafood, which entered administration in February.
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Lombard seizes Akcros deal from Landsbanki retreat
Eccles-based speciality chemicals company Akcros Chemicals has agreed a new deal with Royal Bank of Scotland (RBS) which includes a working capital facility with RBS Invoice Finance and a £700,000 (about 820,000) loan from Lombard, the banks asset finance arm,for investment in new machinery.
Hypo considering CEE sell-off; Bulgaria first to go
Recently-nationalised banking network Hypo Group Alpe Adria (HGAA) is understood to be looking to sell up to five of its CEE leasing subsidiaries as it aims to cut its balance sheet in line with an EU restructuring mandate. The spotlight is on Hypos leasing subsidiaries in Bulgaria, Hungary, Macedonia, Germany and Ukraine territories where the Austrian group has no banking infrastructure.
MAN FS scoops first B&Q deal
MAN Financial Services has won a deal to finance 19 new MAN ten-tonne rigids for B&Q, the UK do-it-yourself chain. These are the first ever MAN trucks for B&Q, which traditionally used a mixed fleet of light vans and 18 tonners for its home delivery services.
Car and van prices hold up but expect toughening of values, Manheim warns
Average car values dipped 2.3% in April although growth seen year-on-year. The car remarketing sector remains strong, with overall average used car values 7% higher than they were a year ago, according to Manheim Remarketings latest car analysis. Average values totalled £7,281 in April compared with £6,762 a year ago, with the strongest increase of 7% occurring in the fleet sector.
Siemens Financial Services’ profits down in Q1
Siemens Financial Services (SFS) posted a profit before income tax of 97m in the first quarter of 2010, down from 117m reported in the same period of 2009. In the first half of the fiscal year, however, SFS reported a rise in profits compared to the first half of 2009, from 183m to 197m. The first six months of the fiscal year were marked by higher results in commercial finance, including lower loss reserves