All articles by Antonio Fabrizio
Antonio Fabrizio
CIT in possible sale talks as downturn hits vendor finance arm
CITs vendor finance business has been hit by considerable losses in the last quarter, fuelling speculation that Siemens Financial Services could step in to acquire the business unit. Siemens FS is understood to be considering acquiring at least part of CITs business, in particular its European aircraft finance and vendor finance arms, according to well placed sources. The vendor finance unit reported a net loss from continuing operations of $354.8 million (276 million) for the three months ending on 30 September, compared with a net income from continuing operations of $10.9 million in the previous quarter
Locat to get ?300m for SME investment
Milan-based bank UniCredit and its subsidiary Locat have agreed to sign a 300 million loan from the European Investment Bank to support the Italian SME sector, which will receive the financing through leasing contracts issued by Locat. The agreement follows a larger plan, approved by the EIB in September, to earmark 15 billion over the period 2008-2009 for loans to SMEs throughout Europe granted via commercial banks, as part of a package of 30 billion until 2011.
Banca Italease concludes second in series of securitisations since last November
On the back of a giant securitisation in November, Banca Italease last month completed another similar transaction valued at an almost unprecedented 1.38 billion.
Credit man comes to town
MPS Leasing e Factoring is the only leading Italian lessor to have grown last year. This is partly due to changes in its credit arm. Antonio Fabrizio finds out more from its head gaetano Trovato.
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Consolidation vital for vehicle finance arms
Consolidations and new alliances in the car industry seem to be the only viable solution to help car makers avoid risks of bankruptcy, and also to convince governments to inject cash into their manufacturing and financing arms.
Russian lessor to support farmers
Rosagroleasing, a Russian state-owned leasing company, has transferred RUB15 billion (330 million) to manufacturers for their purchases of agricultural equipment, it has been reported.
Fruit machines under lease in EU schools
Fruit dispensing machines will be leased as part of a 90 million scheme which has been launched to provide free distribution of fruit in European schools.
Leasint emerges as new Italian leasing leader amid downturn
The Italian leasing industry is slowing down amid the economic turmoil, with a drop of around 10 percent in the total value of contracts compared to one year ago This is the first time in a decade the Italian leasing market has not seen growth. Assilea, the Italian association for the leasing and asset finance sectors, last month released figures showing the industry totalled 21.4 billion in the first six months of 2008, going down 10 percent from the 23.7 billion figure for the same period in 2007.
Italians benefit from ?250m cash injection
The European Investment Bank (EIB) has injected 250 million into another Italian bank as part of its strategy to support Europes SME sector.