News digest

Key changes 

John Evans, previously managing director and executive vice
president of Key Equipment Finance’s (KEF) Asia Pacific business,
has been appointed executive vice president and managing director
of its international operations. In this role he will oversee all
of KEF’s activities in Europe, Canada and Asia Pacific, and will
relocate to the UK early in 2008. He replaces Alun Richards in this

CIT Systems sale 

Macquarie Group announced last month that it has entered into an
agreement to purchase the business and assets of CIT Systems
Leasing, one of the largest independent lessors of equipment in
North America. The business has some $700m of assets and serves
both direct end-user customers (Fortune 1000 and middle market
companies) across all industries in North America, as well as
business partners and technology vendors. 

New State product 

State Securities, the UK subprime specialist lessor, has
launched a new financing product aimed at those looking for
short-term loans. Called ‘bridging finance’, it provides short-term
cash flow to companies which are subjects to delays in getting
longer term loans. State’s cash can be used to acquire plant,
equipment and vehicles, or for business investment or expansion.
Loans range in value from £25,000 to £0.5m, and are for up to six
months in length. 

Angel deal 

Angel Trains, the RBS-owned rosco, has won a tender to lease 40
freight locomotives to Belgian National Railways. The deal, which
is worth $260m, will involve Angel increasing its March 2005 order
from Canadian manufacturer, Bombardier Inc, for five Traxx
locomotives with 35 more. Maintenance will be done by railway
employees under the responsibility and supervision of Bombardier

Truck boom 

Truck leasing has become the fastest growing asset finance
sector in Bulgaria, according to the country’s central bank. It
reported a 106 per cent yearon- year increase in this sector in the
year to September 2007, reaching a total value of €211.9m. Car
leasing contracts for this period totalled 242.8m, while machinery
and industrial equipment leasing contracts grew 70 per cent to
reach €195m