KGAL in possible
sale

Commerzbank is considering selling
off the 45 percent stake that its newly-acquired Dresdner Bank
subsidiary owns in KGAL, the German lessor.

The German business daily Handelsblatt reported that Commerzbank was
reviewing its portfolio, reportedly signing up Goldman Sachs to
explore options for over a dozen of its businesses, including their
possible sale.

A spokesperson for the German bank
confirmed the bank wanted to concentrate more on its core business
and that it was reviewing its portfolio, but refused to give
details on specific business units.

 

HSBC’s Beacon sold

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By GlobalData

HSBC Rail has sold its continental
European rail freight locomotives to Beacon Rail Leasing, a
subsidiary of BTMU Capital.

The deal covers 18 EMD class 66 locomotives
which are currently leased to operators in Norway, Sweden, Germany
and the Netherlands. The financial details of the deal were not
disclosed.

The new additions bring the London-based
rolling stock lessor’s fleet to 51 locomotives and 50 wagons.

 

Income drop at
LeasePlan

International fleet management and
leasing company LeasePlan’s results for 2008 show that the lessor’s
net income dropped by 13.7 percent compared with 2007, to €208
million.

Chairman of the board Vahid Daemi
said the lessor had been hit by “the significant downturn in the
second-hand car markets and, to a much lesser extent, the lower
interest margin due to higher funding costs as a result of the
turmoil in the financial markets”.

 

Turkish leasing takes
off

Turkey may be due for a return to
form, as Turkish finance minister Kemal Unakitan announced
potential leasing industry tax cuts as part of the country’s
economic stimulus measures.

Anticipation of the announcement
caused the share prices of leasing companies to rise, with Seker
Finansal’s price rising 12.8 percent to 0.44 lira, and Yapi Kredi
Finansal improving 10.9 percent to reach 1.85 lira.

The tax cuts would form part of a
series of measures aimed at supporting small and medium sized
businesses.

 

RBS hit by Cattles
demise

The collapse of troubled lender
Cattles will cost Royal Bank of Scotland (RBS) up to £500 million
(€534 million), according to newspaper reports.

RBS, the lead lender to Cattles –
which reported £2.4 billion of outstanding debt in its latest
figures – still hopes that it can recover the £500 million. But in
reality it seems highly unlikely that Cattles will be able to meet
all of its debt obligations.

Headed by RBS, Cattles’ 22-bank
consortium of lenders also includes HSBC, Barclays and the Lloyds
Banking Group.

 

Ignition Credit plans to up
investment in small-ticket

UK lessor Ignition Credit has
revealed plans to increase investment in small-ticket leasing for
the leisure, catering and hospitality industries in the Southwest
region.

The Cornwall-based company has a £2.4 million
(€2.6 million) book in the sector, with most contracts in the
sub-£15,000 bracket.

Managing director Alan Tutte said the region’s
resilient tourism industry, combined with the company’s policy of
lending to owner/operators of businesses with low overheads, had
kept delinquency levels extremely low enough to mitigate potential
difficulties in resale of low-value, high-volume assets.