Nigeria, Africas third largest economy, is tipped to be one of the most exciting markets for leasing in the next decade Asset finance growth is outpacing impressive GDP increases in the Western state but, as Lola Ayanbunmi discovers, the industry is in need of some finishing touches before it is ready for mass investment For those looking to name the most promising leasing markets of the near future, Nigeria is a strong candidate for consideration.
NetSol Technologies, a global IT services provider, has signed a $5m (3.9m) contract with specialist bank Investec to implement its full financial software package. The deal, for the entire NetSol Financial Suite, which includes both wholesale and retail platforms, is one of the California-based technology companys largest implementations. The project includes services such as product licenses, business process consultancy and on-site implementation services and is expected to be completed by the end of the year
The average price of used cars in the fleet sector fell 1.2%, month-on-month, in May, according to the latest Manheim Market Analysis report. By vehicle segment, the largest price fluctuations were recorded in MPVs, down 10% (£693 to £6,011), and Coupes, up 6.5% (£727 to £11,832), compared to April. Research from the automotive services company also revealed wholesale values were up 4.6% in May year-on-year, but were down 5.1% from the previous month
Dennis Watson has been announced as the new head of asset finance at Barclays Corporate Bank. Watson has taken over from Alex Brown and adds asset finance to his range of responsibilities which already include the banks real estate, project finance and mezzanine debt origination teams The change of leadership comes as Barclays reshapes the way asset finance is delivered to its corporate banking clients
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Cat Financial has revealed global earnings of $668m for the first quarter of 2012, an increase of $28m on the same period last year Meanwhile, revenue in the Europe, Arab and Middle-eastern regions (EAME) for the Financial Products division, which includes Cat Financial, fell by $9m in Q1 2012 from Q1 2011
The US leasing industry saw a 36% increase in new business last month, reaching $6.8bn (5.2bn) in March compared to $5bn in February. The figure from the Equipment Leasing and Finance Associations (ELFA) Monthly Leasing and Finance Index (MLFI-25) also represented a 10% rise year-on-year. Receivables over 30 days saw a dip of 20% in March from the same period last year – although it increased 2.5% from February
Angel Trains has introduced a range of IT systems to help improve the management of its fleet of over 4,000 rail vehicles across the UK. The rolling stock lessor has implemented the software with the aim of being able to make faster decisions on modifications and leases Steve Lamey, programme director at Angel Trains, said: The purpose of the system is to get us on the front foot for future industry challenges.
However, excluding the debt refinancing charges of $620m, business looks good for the group as it made a pre-tax profit of $214m for Q1 2012, which was up from $178m in the same period last year This years net figures for financial services group, which emerged from bankruptcy in 2009, contrasted with those of last year, which saw a net income of $66m and a comparatively low debt refinancing figure of $46m.