All articles by Grant Collinson
Grant Collinson
Profit rise propels Grenke towards Brazil
Grenke, parent group of German independent lessor Grenkeleasing, reported a 41% profit increase in 2011, recording 39.3m for the year, and has set its sights on Brazilian expansion. The groups consolidated net profit is up from 27.8m reported in 2010 helped by a 23.7% increase in new business in 2011, recording 857.5m compared to 693m in 2010.
Standing joins lease software firm Innervision
Standing moves from Lease Direct Finance, the Investec-owned UK brokerage, and in 27 years in the asset finance business as held various roles including managing director of Key Finance Group. Vincent Baczor, director and founder of Innervision said Standing brings international leasing knowledge and said he would prove invaluable when applied to the global leasing programmes under Innervisions ongoing management and control.
IDS strengthens European sales team
Asset finance software provider International Decision Systems (IDS) has strengthened its European team with the appointment of Philip Benk as senior account executive. Benk has worked in the leasing industry for 20 years, particularly in the IT market, and will join the Strategic Accounts EMEA team based in IDSs European headquarters in Basingstoke outside London. In his most recent role, Benk was business development manager for IT finance lease consultancy Connexion Technology Finance and previously was global leasing account manager with Avaya Financial Services (AFS), a unit of CIT Group, and a similar role with Cisco Systems
CHP ouvre un bureau à Paris
The move follows the groups associate membership of Association Franaise des Socits Financires (ASF), the official French association of financial companies, in October last year and includes a re-launch of the CHP website with the addition of a French language function.
Fleet Friday: Funding, red tape, folding cars
The wholesale banking division of Barclays Bank has stepped up to plug the funding gap in UK fleet finance with a £20m asset finance facility to Pendragon Contracts.
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De Lage Landen lands US deal with Bosch
The green energy division of De Lage Landen has signed a master lease agreement with Bosch Solar Energy to offer finance for the companys solar equipment. The deal struck between the Rabobank-owned lessors Clean Technology Group and the photovoltaic manufacturer to structure financing for Bosch customers and partners is US-focused but has the potential to extend internationally, said Mark McGovern, general manager of Clean Technology at DLL. We are proud to be entering into an agreement with Bosch Solar Energy, as their focus on quality products in an international marketplace is consistent with the strategies of De Lage Landen and the Rabobank Group, McGovern added.
CIT posts profit in Q4 but still down on 2010
Full year 2011 profit was $28m, down from $526m in 2010 reflecting a sharp decline in net fresh start accounting (FSA) accretion benefit and increased costs related to debt redemptions, according to CITs annual results statement. However, the groups performance in the fourth quarter of 2011, posting $34m in profit following a $29.2m loss in the previous quarter, is a positive end to the year for the company which emerged from bankruptcy at the end of 2009.
Lorenzo heads Asset Finance in Lloyds reshuffle
A management restructure at the Lloyds Banking Group has seen Antonio Lorenzo head up the corporations Asset Finance division. As part of the senior reshuffle by group chief executive Antnio Horta-Osrio, Lorenzo will continue to sit on the Lloyds executive board as group executive committee member for Group Strategy and the Wealth & International division.
Asset finance has special effect for media firm
The facility financed the acquisition of two Flame visual effects software systems and 12 Fairlight audio mixing consoles as part of a studio refurbishment programme across the groups three London sites. Graham Ebbs, managing director of The Jungle Group, which specialises in advertising and promotional videos and audio mastering, said investment in the kit through Azules finance facility was part of a significant upgrade as the company widens its range of services.
LeasePlan posts 13% profit growth in 2011
European fleet giant and the twelfth-largest leasing company in Europe, LeasePlan recorded a 13% jump in profit in 2011 to 225m. The number of vehicles on LeasePlans books increased 2.7% to 1.3m owing chiefly to an acquisition in Portugal as well as growth across the global lessors largest markets, according to chairman and chief executive Vahid Daemi.