All articles by Claire Hack
Claire Hack
VTB shareholder ‘calls for investigation’ into leasing arm
An activist shareholder at Russian bank VTB has called for an investigation into allegations that its leasing arm bought 30 Chinese-made drilling rigs in 2007 for more than they were worth, it was reported According to a report in The Moscow Times, Alexei Navalny, a lawyer and minority shareholder in the bank, accused VTB Leasing of buying the rigs for $160 million more than the amount on the manufacturers price list. He is now said to be calling on VTBs chief internal auditor, Mattias Warnig, to look into the deal or face enquiries from financial and judicial authorities in the UK.
GE Capital to acquire French RBS Factor
GE Capital is to acquire 100% of RBS Factor SA, the French arm of the Royal Bank of Scotlands factoring business for an undisclosed sum.
Cranmer Lawrence boasts strong business with NHS
Buckinghamshire-based lessor Cranmer Lawrence underwrote more than £37 million (43 million) of operating lease business with the NHS alone in the year to 31 March. The company worked in conjunction with Dutch lessor De Lage Landeen, as well as Triple Point Lease Partners, mainly in ambulance business for the health services Ambulance Trusts.
Inchcape tests electric vehicles
Portsmouth-based vehicle lessor and fleet management company Inchcape Fleet Solutions has begun carrying out feasibility studies on zero-emission cars and vans. It has most recently completed a trial of the Peugeot eExpert, developed by Allied Electric, which is one of only two built so far and can travel up to 70 miles on a single charge with a top speed of 70 mph. Inchcape has also evaluated several other electric vehicles, including light commercial vehicles from Smith Electric Vehicles based on the Ford range, and the MINI E.
Parex Bank reportedly sells leasing arm for $100
Latvian Parex Bank has sold its Belarusian leasing arm for $100 (79), it has been reported. The deal has been agreed with Rietumu Banka, and a second, undisclosed payment will be made on 10 February 2012, according to Latvias Telegraf newspaper. The second part of the deal is reportedly to be calculated using a specific formula based on the company’s income and expenditure over the next two years, including credit, tax and salary payments.
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Nick Feasey to head up Lenovo Financial Services
Nick Pheasey, one-time vendor sales programme manager at Dell Financial Services, is to head up the soon-to-be formed Lenovo Financial Services (LFS). Computer developer and supplier Lenovo is to work with CIT on the new venture and LFS is to provide a range of leasing, financing and vendor finance programmes for Lenovos business partners and customers.
Siemens Financial Services’ profits down in Q1
Q1 2010 saw profits of 97 million before income tax, compared to 117 million in the same period of 2009, according to Siemens interim report for the second quarter and first half of fiscal 2010. The figure in this year includes higher results in the companys commercial finance business, while 2009s results included higher income from SFS internal services and equity businesses.
NHS Supply Chain touts leasing benefits
NHS Supply Chain, which took over leasing functions from NHS PASA last year, is touting the benefits of leasing as swingeing public sector cuts loom. Supply Chain has been tasked with providing £1 billion of savings to the health service over the next ten years (1.16 billion) and Andy Brown, managing director of diagnostics, has said asset may help to cut costs.
Syscap launches finance programme in Europe
Independent IT financing company Syscap has announced the launch of a new finance programme outside the UK. The programme is being run by Syscap on behalf of Infor, a business software company, and was first launched in the UK in September last year. As part of the programme, Syscap agreed specific funding lines with Deutsche Bank and Miller Leasing in Germany, and with Credit Agricole and Leasecom in France
Q1 results released for Czech leasing market
Members of the Czech Leasing and Finance Association (CLFA) saw volumes of movable property leasing fall by almost 20% year-on-year in Q1 2010.