All articles by Brendan Malkin
Brendan Malkin
RBS signals new focus with £40m Middle East AF deal
As RBS prepares to launch a worldwide structured asset finance business focusing on tax-based deals, it revealed last month that it has signed a £40 million (50.7 million) financing of construction equipment with a Middle Eastern client. The banks new business plan is to focus on structured deals that make use of tax advantages across jurisdictions and it involves the head of the proposed new business, Steve Hackett, currently head of RBS Asset Finance Europe, being relocated to the United States from London. This follows RBS recent decision to almost entirely close to new business its RBS Structured Asset Finance Europe and to also move away from signing deals where RBS takes residual-value risk.
Editor’s Letter – The arrival of the expected
While lessors in parts of mainland Europe are benefitting from an upsurge in government investment in SMEs, those in the UK remain frustrated by government U-turns and what are perceived to be empty promises. In Italy, UniCredit Leasing will benefit from an agreement it signed last month with Confapi to provide 5 billion of finance to the trade bodys membership
Hitachi ramps up its vehicle finance arm
The move follows the departure of Martin Cutbill, the companys managing director, from the company and the arrival from Japan of a new management team. The new arrivals are Derek Thornton, Brendan Moran and Peter Leyden, all of whom will work in the companys vehicle solutions arm
Who’s Who of leasing set to be launched
The book, due to be published in August by Whos Who Publications, in conjunction with Leasing Life magazine, will contain the personal and professional details of directors and partners in UK leasing, rental and asset finance
VAT drop sparks surge in Turkish leasing
The value of shares in a number of Turkish leasing companies rose today following the announcement that the countrys government plans to reverse its earlier decision to increase VAT to 18 per cent. Shares in Finans Leasing rose 5.5 per cent this morning and VAKIF Leasing increased 5.2 per cent, compared to 0.2 per cent overall fall across the Istanbul Stock Exchange.
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Five Arrows continues upturn
Turnover grew last year by £2.2m to £29.5m, share capital and reserves rose £2.5m to reach £44.5m, while profits before tax for the past two years remained static at £7.4m.The portfolio across its five businesses, which includes State Securities, the sub-prime specialist lender, grew £12m to £190m
Finicredito sets up Romanian branch
The leasing arm of Portuguese financial group, Finibanco is due to launch an operation in Romania, according to a company statement published today. Finicredito, which specializes in car leasing and asset finance, will initially have limited coverage in Romania as it will only open one branch there, although it expects eventually to cover the entire country, said Finicredito president, Humberto Leite.
TIP wins lucrative Arctic energy deal
TIP Trailer Services has extended its relationship with transportation and logistics company, Panalpina, by leasing to it trailers for use in the Arctic. The vehicles include two new Schmitz 13.6 m curtainsided trailers and four SDC platform skellies.
Investigators widen search in high stake Thornycroft case
Investigators widen search in high stake Thornycroft case Investigators have widened their search for large amounts of equipment and cash linked to the company Thornycroft 1862.
Take part in exclusive Leasing Life Invigors Basel II research
Take part in exclusive Leasing LifeInvigors Basel II research Leasing Life Surveys, in conjunction with the UK-based asset finance consultancy, Invigors, is undergoing a study of the impact Basel II is having on the leasing arms of banks