January
Diversification is
afoot
Go deeper with GlobalData
Diversification was floated as a
strategic aim for the sector in order to drive growth for the
future. The trend had already been seen among some leasing
companies, such as GE Capital which had combined its fleet,
contract hire, business lending, factoring and equipment finance
divisions. A straw poll at the Leaseurope Convention the previous
year confirmed that the industry was looking to broaden its scope
in order to meet customers’ needs.
Syndicated in
Spain
SG Equipment Finance
led a record leasing arrangement in the Spanish private health
sector, financing all the equipment for Vinalopo Hospital in
Alicante.
The syndicated deal was worth
€30.3m, and was supported by a number of finance houses. Assets
financed include equipment for diagnostic imaging, nuclear
medicine, radiation, ventilation, anaesthesia, and other clinical
equipment, as well as the furniture.
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By GlobalData
February
Microsoft picks funding
partners
Global IT giant Microsoft named BNP
Paribas Leasing Solutions, SG Equipment Finance and De Lage Landen
as its primary funders at the start of the year.
Uncertainty remained over the
future for the UK programme, which was handled as a ‘gentlemen’s
agreement’ with DLL: in March the lessor was confirmed as the
continued UK partner. Microsoft had in July 2009 ended a five-year
agreement with CIT worth $649m.
March
First electric HGV
contract
Truck lessor Ryder
delivered a 10-tonne Smith Newton truck to distribution and
outsourcing group Bunzl, after signing a 10-year contract hire
agreement believed to be one of the first lease deals for an
electric HGV in the UK (see picture, below).
The new truck, designed
specifically for stop-start work in London, was set for work in the
catering and hospitality sector. Its maximum range is 80 miles.
ING Lease goes for German
brokers
ING Lease announced its intention
to build a broker business in Germany.
The move reflected the company’s
strategy to extend across Europe and to be an ‘influential force’
in its chosen markets. CEO John Howland-Jackson described Germany
as “a huge opportunity”.
April
Quest for
growth
A gentle wave of expansionist
activity began in April, as Deutsche Leasing, HSBC Equipment
Finance, Raiffeisen Leasing and UniCredit Leasing all looked for
growth.
HSBC Equipment Finance targeted new
markets; Deutsche Leasing focused on direct sales and vendor
business; and Raiffeisen Leasing was anticipating much greater
access to capital following its merger with Austrian parent
Raiffeisen Zentralbank Österreich.
UniCredit Leasing was aiming for
growth after restructuring some business divisions.
May
Barclays reshuffles top
team
Barclays Asset and Sales Finance
underwent a management reshuffle and joined the bank’s newly formed
products division.
Ian Stuart moved to concentrate on
a sales role, and John Kelting became head of products within
Barclays Corporate.
Alex Brown, Barclays head of asset
finance, and John Bevan, head of sales finance, began reporting to
Kelting.
June
Energy, rail and waste go
green
A raft of new opportunities for
lessors appeared across waste management, renewable energy and
rolling stock, as European governments sought to meet green targets
and expand transport networks. In the UK, green transport came into
the spotlight with a renewed focus on improving rail links, and
financing electric vehicles.
Dilek Mackenzie, director of
funding services provider Deem Solutions, said: “The overall vision
set by the government for the transport sector suggests that
electric drive and alternatively fuelled vehicles for private and
public use will increase, resulting in new funding
opportunities.”
Anaerobic digestion also moved up
the agenda, in a move welcomed by green plant equipment lessor
Compass Business Finance.
July
Margins hold steady at
mid-year
The results of the Business
Confidence Survey, in association with Invigors, showed that new
business growth, less bad debt and higher profits were expected in
the second half of 2010.
However respondents anticipated
that capital availability would remain unchanged, and that margin
improvements would stall.
August
Broker influx
Mortgage and invoice discounting
brokers looking to enter asset finance contributed to record
numbers attending the annual conference of the UK National
Association of Commercial Finance Brokers.
Lessors exhibiting at the 2010
event included ING Lease UK and niche funder Liberty Leasing.
September
Lease accounting
outcry
Proposed changes to lease
accounting standards released in August attracted widespread
criticism from the industry.
Tanguy van de Werve, director
general of Leaseurope, said he was “disappointed that the IASB and
FASB have not taken on board the feedback that we and many others
provided.”
Julian Rose, head of asset finance
at the FLA, claimed the proposals would result in financial reports
being a “mish-mash of accountants’ assumptions, estimates and
adjustments”.
October
Top lessors ranked for
2009
The annual Leaseurope ranking named
BNP Paribas Equipment Solutions as the largest lessor, ahead of
last year’s number one UniCredit Leasing, which dropped to
fourth.
From the UK, only Lloyds TSB Asset
Finance appeared in the list, at number 11.
French companies SG Equipment
Finance and Crédit Agricole Leasing took second and sixth place
respectively.
Gap in the marine
market
The closure of Barclays Marine
Finance was confirmed as the Southampton Boat Show kicked off
(see picture below).
A Barclays spokesman said it took
the strategic decision to close the marine finance division to new
business following “a detailed review of the challenges of
operating in the sector”.
The resulting gap in the UK market
sparked a rush of interest from funders including Société Générale
joint venture SGB Finance.
November
Leading lessors
rebrand
Amstel Lease announced that it
would rebrand as ABN Amro Lease, taking its parent bank’s name. BNP
Paribas Lease Group also changed its moniker to BNP Paribas Leasing
Solutions.
The move by Amstel reflected its
strategy to grow leasing business with ABN Amro’s corporate banking
customer base. It has 350,000 business customers in the
Netherlands, of which 80,000 to 100,000 are considered potential
leasing clients.
Road haulage
fleet
Barclays Corporate
Asset Finance signed a multi-million pound deal with Eddie Stobart
Ltd, the UK-based road haulage company.
The investment included two
arrangements to fund skeletal and curtain-sided trailers, at a
total of 265 units, and a cost of more than £5m (€5.7m).
The deal was coordinated by BCAF in
Manchester, led by regional sales director Stirling Hulme.
The aim was to provide funding for Eddie Stobart to make a major
addition to its trailer fleet.
See also: From the
web: top 10 most read stories on
the Leasing Life website, 1 January to 15
November
See also: People news
of the year
