All articles by Fred Crawley
Fred Crawley
S&P downgrades Clydesdale
Ratings agency Standard & Poors has lowered its ratings for the Clydesdale Bank to ‘AA-1’ from ‘AA-A-1’, with a negative outlook The change came about as a result of concerns over expected losses on Clydesdales commercial lending, including the banks asset finance activities.
RBS restructure looms as EU competition chief sets new rules
RBS is committed to the most radical restructuring ever undertaken in the banking sector, including major asset and business disposals We have been given this opportunity with the benefit of state aid and intend to fulfil all of the responsibilities that this brings.” These were the words of a spokesperson for RBS, speaking yesterday in response to statements on bank restructuring by EU competition officials.
CEE leasing expects boost from Russian recovery
According to Raiffeisen Leasing International (RLI) managing director Dieter Scheidl, the recovery of the Russian economy will be a key factor in the CEE regions return to health.
BCA in new remarketing deal with Siemens
British Car Auctions (BCA), an auction house specialising in commercial vehicles and passenger cars, has signed a remarketing deal with Siemens Financial Services that will see BCA sell around 2,000 ex-lease vehicles a year, it has been announced. As well as a national sales programme based around five auction centres, each physical sale will be broadcast online via Live Online, BCAs internet bidding service.
Terex expands product range in Italy
Crane manufacturer Terex has expanded its influence in Italy, offering a range of truck loader cranes through an expanding dealer network in the country. Although Terex has been present in Italy through sales of other construction equipment, Italian contractors have not until now been able to acquire the heavy truck loader units.
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Vet equipment provider starts new lease scheme
Veterinary scanning technology manufacturer BCF technology has set up a new in house leasing scheme for some of its products, in a response to scarcity of capital among the UKs major leasing companies. The new scheme, called BCF Enable, will offer three year lease agreements on three different products: the DP6600 and MicroMaxx ultrasound scanners, and a KodakCarestream digital radiography system
Bus manufacturer Optare launches new finance venture
The UKs second largest bus manufacturer, Optare Plc, has gone into the leasing business with new venture Optare Direct, aiming to provide its own finance and leasing proposition to independent bus operators across Britain Optare, which specialises in 20-40 seat vehicles, produces nearly 700 vehicles yearly at assembly sites in Blackburn and Leeds, and sells both to the 5 major UK operators (including Stagecoach, Arriva, and Go-Ahead), and to a wide range of independent operators running fleets of 5-100 vehicles. As well as providing standard leasing and hire purchase products, Optare Direct will provide short term rental offerings, as well as products including refurbishment, maintenance and parts provision
Barclays Marine Finance sells £600k of yacht finance at Prosser event
Barclays Marine Finance (BMF) has underlined its commitment to remain an active lender in the lower range of the yacht market, exhibiting as preferred finance provider at the Prosser Marine Demo event at Inverkip in Scotland this year.
FLA and FSB respond to lease accounting proposals
The UKs Finance & Leasing Association (FLA) and Forum of Private Business (FPB) have responded to proposed changes to lease accounting rules by the International Accountancy Standards Board (IASB), warning that hundreds of thousands of UK SMEs could be aversely affected if the changes go ahead. Under the new proposals, some 400,000 companies which use leasing and hire purchase, and which are required by law to prepare financial accounts, would need to report leased equipment on their own balance sheets
Romanian leasing industry in meltdown
Data emerging from the Romanian leasing industry this month seems to confirm lessors worst fears about CEE markets, as many large players have reported year-on-year new business drops as high as 99 percent.