Irish leasing market battered further as Friends First
closes
The asset finance arm of Friends First
will be closed to new business, affecting almost a quarter of the
company’s workforce. Friends First’s lease portfolio will be
wound-down over the next five to seven years, with 98 members of
staff to lose their jobs.
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Although Friends First Finance is the
only division of the lender which is being closed down, its life
and pensions market saw a 40 percent decline in new business this
year compared to the first eight months of 2008.
LBBW mulling sale of leasing operations
Landesbank Baden-Wuerttemberg (LBBW) is
considering the sale of its leasing operations, according to German
business daily Handelsblatt.
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By GlobalDataThe regional bank is said to be
reviewing its asset portfolio in light of a financial aid package
provided by its owners and approved by the European Union earlier
this year.
The package comprised a capital
injection of over €5 billion and a further €12.7 billion in
guarantees.
Europe’s CV registrations drop 34% in eight
months
New European commercial vehicle
registrations declined 33.7 percent year-on-year in July, and 35.1
percent in August, according to vehicle manufacturers’ association
ACEA.
Registrations in the first eight months
of the year were down 37.4 percent compared with the first eight
months of 2008, with light CV registrations down 36.5 percent and
heavy commercials down 47.9 percent.
The most significant contractions were
felt in the new EU member states such as Poland.
1pm reports strong results
Small ticket SME lessor 1pm has reported revenue up 75 percent
year-on-year, to reach £1.4 million (€1.6 million) for the year
ending 31 May 2009.
Meanwhile, gross profit grew 8 percent to £574,000. Loan
portfolio was grown 57 percent, to reach £7.2 million.
Figures were boosted by the company raising £656,500 in a
placing in August 2008, followed by a further placing completed in
May this year, of £509,775.
New trade association launched: The Captives
Forum
A new trade association, The Forum of Manufacturer’s Sales
Finance Companies (The Captives Forum), has launched.
Based in the UK, the Europe-wide, not-for-profit association
will link the finance subsidiaries of the world’s major
manufacturing companies, with the aim of “helping to establish a
favourable operating environment”.
Thus far, the body comprises captives including MAN Financial
Services, Xerox Global Leasing and Pitney Bowes.Management will be
overseen by The Alta Group and International Advisory
Associates.
Banca Italease to hold meeting after €152m loss in
H1
Banca Italease is to hold an
extraordinary meeting on 12 October, following a €152 million loss
for the year’s first half.
The Italian lessor’s board of directors
will meet to devise a response, and will propose a share capital
increase by means of a rights issue, for a maximum of €1.2
billion.
Banca Italease wrote only €63 million of
new business in the first half of 2009. It added that customer
receivables amounted to €18.8 billion, decreasing by 7.9 percent
compared with the end of 2008.
Latvia’s DnB Nord Lizings faces insolvency
proceedings
Riga’s Central District Court has
initiated insolvency proceedings against DnB Nord Lizings, the
Latvian leasing subsidiary of DnB Nord Banka.
The case was triggered by Rita Skrinda,
an insolvency administrator for the company Shop Service, who
claimed that the lessor had not paid overdue debts. DnB’s head of
public relations, Teika Lapsa, dismissed the arguments behind Shop
Service’s insolvency claim, adding that DnB Nord Lizings was one of
the largest leasing providers in Latvia.
