SG Equipment Finance has reported a decline in
new business (excluding factoring) of 3.6 percent to €7.6 billion
for the year to 31 December 2010. The company stated that “loan
margins remained at a healthy level”.
Activity picked up in Q4, when new business
rose 18.9 percent compared to Q3. In Germany the increase was
stronger, up 23.6 percent in Q4 against Q3.
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SG Equipment Finance is part of the
specialised financial services and insurance division, including
consumer finance, operational vehicle leasing and fleet management,
IT leasing and management, and life and non-life insurance.
Vehicle leasing was reported to have grown
significantly during 2010, benefiting from the improvement in the
second-hand vehicle market. SG sold IT leasing company ECS during
the year, for a total price of €210 million.
Cost of risk at specialist financial services,
a sub-division which excludes insurance, declined by 35 basis
points to 221 basis points, helped especially by SG Equipment
Finance.
SG’s annual statement said: “Far-reaching
changes in prudential rules will lead to radical changes in the way
banking markets operate, especially in Europe.” The banking group
has introduced a transformation programme known as Ambition SG
2015, with the aim of creating an organisation that is refocused,
more balanced, client-oriented, diversified in terms of businesses
and geographic locations, and with a strategy of growth with less
risk.
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