All articles by Claire Hack
Claire Hack
Lessors to come together over alleged fruit fraud saga
A number of leasing companies are expected to come together in a possible joint legal action after falling victim to an alleged multiple financing scam, according to a lawyer involved with the case. The lawyer said he is representing several leasing companies with regard to a supplier of fruit farming equipment alleged to be behind the scam.
Microsoft Financing yet to replace Nigel Jenkins
No replacement is yet in place for Nigel Jenkins, although the former head of Microsoft Financing (MSF) in EMEA left his position at least a month ago, it was revealed today. The exact date of his departure has never been confirmed, although Jenkins admitted there was substance to the rumour that he is to take on the role of European sales director at Hewlett Packard Financial Services (HPFS).
VR Medico announces first quarter results
VR Medico, the Berlin-based medical equipment lessor, has announced a good start to 2010, despite a slight fall in new business In an announcement made today (April 29), VR, which is part of the VR Leasing Group, said it had held up well under difficult conditions in 2009. New business volume dropped 8.5% to 69.6million from 2008s 76.1million and contract numbers declined from 1,449 to 1,291.
Downward trend continues in Baltic leasing
The downward trend in the leasing industry in the Baltic states continues as two companies report losses running into millions of Euros. Swedbank Lizings, part of Latvias Swedbank Group, was 29.99million lats (42.67million) in the red after 2009 as losses grew significantly from the year before, according to the companys financial report. In the report, its management states that 2009s overall market slump had a harmful impact on its leasing and factoring portfolio.
RBS reportedly puts aviation unit sale on hold
Royal Bank of Scotland Group (RBS) has reportedly put plans to sell its aviation finance business on hold. The unit, which provides aircraft finance services including debt and operating leases, was designated a non-core business early in 2009 and appointed Goldman Sachs Group (GS) to weigh up options, including a sale.
Subscribe to our Newsletter
Get industry leading news, data and analysis delivered to your inbox
IBM Global Financing touts upgrade benefits
Clients leveraging IBM Global Financing will be able to retire older or surplus technology in exchange for cash back or credit towards its new Blade eX5 servers. An IT analyst report by the Robert Frances Group, expected to be released in May, states customers could end up acquiring 50% more equipment as a result. Cal Braunstein, CEO and executive director of research at Robert Frances, said: IBM offers a strong value proposition to its customers partly because of the competitive interest rates and globally-established, brand-agnostic asset take back capabilities of its captive financing arm.
CIT releases Q1 results
CIT Group has announced Q1 results for 2010 with reported net income for the three months ending March 31 standing at $97million (73million). Its total assets declined by almost $2billion from year-end 2009, dropping to $58.1bn, caused by a reduction in finance and leasing assets. Excluding factoring, new loan and lease volumes declined from the previous quarter to $900m
Management reshuffle at BA&SF
Barclays Asset & Sales Finance (BA&SF) has undergone a reshuffle of its top management. Ian Stuart, who previously headed up both BA&SF and sales at Barclays Corporate, is now only responsible for the latter, along with Wyatt Crowell. The role sees Stuart working as head of a team of relationship directors and managers, selling products to Barclays Corporates clients.
Offers reportedly made for HSBC Rail
In the latest development since HSBC announced plans to sell HSBC Rail earlier this year, CVC Capital Partners and a consortium of Morgan Stanley Infrastructure, 3i Infrastructure and Star Capital have now both put in bids according to sources.
IBM Global Financing Q1 results released
IT giant IBM is continuing to enjoy the tech rebound of late 2009 as demonstrated by its Q1 results for 2010, released on April 19 but its financing arm does not appear quite as strong. IBM Global Financing, measured as a standalone entity, saw a 7.1 per cent drop (12 per cent, adjusting for currency) in revenue in the three months to 31 March 2010, compared to 2009. Its gross profit margin did rise from 45.9 per cent to 49.8 per cent and its external revenue in Q1 was still well over $500million.