All articles by Fred Crawley
Fred Crawley
Poland sees leasing volumes drop heavily despite robust GDP
Despite Poland being one of only two European economies to report growth over the years first quarter (at 0.4 percent), results from the countrys Leasing Association suggest that the countrys formerly booming leasing industry is still in extremely difficult circumstances. The industry at large saw Q1 business volume drop a severe 38 percent year-on-year, from 1.78 billion in 2008 to just 1.1 billion this year The Polish arm of Austrian giant Raiffeisen was worst hit, seeing new business drop by nearly 70 percent, while BRE Leasing also saw a fall of more than 50 percent.
Volvo makes record sale to Indian truck lessor
Volvo Trucks has sold 125 vehicles to the Hyderabad-based Vijay Leasing Company, in the biggest order secured since Volvo opened for business in India in 1999 India, the worlds fourth largest truck market, is already home to some 5,500 Volvo trucks, and is a common resale destination for vehicles at end-of-lease in Europe.
UniCredit Leasing offers year’s grace to stricken Romanian clients
Leading CEE leasing network UniCredit Leasing is commonly offering grace periods of up to six months to distressed Romanian clients, the publication Ziarul Financiar reported this week The Italian giant is also offering exceptional payment holidays of up to one year to clients waiting on payment from the state, such as construction companies working on public sector projects, the journal revealed.
CHG-Meridian buys Wyse Leasing
The UK division of technology finance group CHG-Meridian has purchased the entire share capital of Wyse Finance Ltd, it was revealed today Wyse Finance, which has traded as Wyse Leasing since 2006, was formed through the acquisition of several regional companies, and specialises in leasing IT assets to SME customers
Where fortunes can be made
Can UK brokers make a fortune from doing business overseas Fred Crawley discovers Oak Leasing is bucking the trend by turning to the continent to find business The UK broker market, having developed in part to fill the void left by the decline of branch-based bank sales, relies for the most part on local connections and regional expertise to thrive.
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The stuff of nightmares
Insolvency procedures surrounding fallen Global EPP highlight need for asset registry systems If the consequences of not having a system of asset registry needed highlighting, wary plant lessors need only look at the insolvency procedures surrounding fallen plastics manufacturer Global EPP for a story that will keep them awake at night. The exact details of what happened at Global while it was trading will remain murky until police investigations are complete, but it is understood that careful removal and replacement of serial numbers on extrusion line machinery allowed the company to finance 71 pieces of plant 579 times through 29 lessors, to the tune of more than £60 million (70 million).
ING Lease UK wins in giant alleged fraud case
A total of 33 leasing companies were ripped off to the tune of £30 million (35.2 million) in a particularly complex scandal the full details of which have never been unearthed involving a company called Gwent Fleet Management. In recent weeks, ING Lease UK reached a settlement in the case that involved customers buying cars from Gwent, which then sought finance for the same assets from the leasing companies.
EFG Eurobank gets go-ahead to distribute funds in Serbia
Greeces second-largest bank, EFG Eurobank, has made a play for extra business in its Balkan coast markets and has, just this month, secured a 50 million European Investment Bank (EIB) loan to finance SMEs in Serbia. Currently, we are in various stages of negotiations for facilities worth 450 million in other New Europe countries in which we are operating, EFGs Serbian CEO, Philippos Karamanolis, commented.
Offer both short-term rental and contract hire?
International truck lessor Ryder offers short-term rental products and long-term contract hire options in the UK, and has recently seen an increase in short-term rental uptake from firms.
Consolidation on the agenda
Of the countrys 15 lessors, all owned by banks, the greatest cuts were seen by the 2nd, 3rd and 4th largest (Cyprus, Piraeus and Alpha Leasing), which between them were responsible for cuts equivalent to 92 percent of total decline in new business.