All articles by Antonio Fabrizio
Antonio Fabrizio
ECF bought by Manx Financial
ECF Asset Finance, based in Manchester, will continue to trade using its own brand and to focus sale and leaseback, finance leases and commercial loans. Denham Eke, chief executive of Manx Financial Group, based in Isle of Man, said: This is a real opportunity for MFG to further develop our presence within the UK at a crucial time when many of the established lenders are repositioning their business lending strategies
Bibby buys Kopparberg Finans
UK invoice finance specialist Bibby Financial Services has further expanded its European coverage with the acquisition of Swedish factoring firm Kopparberg Finans The deal forms part of Bibby FS global expansion strategy, which has included acquiring new businesses as well as launching subsidiaries over the past three years. The acquisition of Kopparberg Finans, which was launched in 2005, has provided another 50 clients to Bibbys client base
Leasing Life asset finance conference
Leasing companies should take a strategic approach to bank integration by focusing on specific assets and markets, delegates at the fifth annual asset finance conference heard.
HSBC is last bank to quit ROSCOs
HSBC has become the last of three banks to exit the rolling stock leasing business with the sale of Eversholt Rail Group to a private equity consortium.
BNP management shake up
BNP Paribas Leasing Solutions reshuffled responsibilities among its managers including appointing Jean-Francois Gervais as deputy general manager. Gervais and recently appointed chief executive Didier Chappet will coordinate the divisional activities for equipment and logistics solutions, technology solutions, and specialised assets solutions in Belgium, France, Germany, Italy, the Netherlands, Spain, UK.
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Aldermore hires materials team
UK lender Aldermore has strengthened its asset finance division by hiring five specialist materials handling experts Andrew Woodward, who joins from Albury Asset Rental, will lead the team and has responsibility for building Aldermores materials handling business. Aldermore will have the capacity to provide financing facilities from £5,000 to about £1m
Lombard appoints corporate md
Lombard has appointed Gary Leitch as managing director of its corporate asset finance business, overseeing customers with turnover of £25 million or more Leitch has 23 years experience in asset finance, including 11 years as a Lombard relationship manager to corporate and SME customers He was also head of large corporates at Lombard, and head of transaction structuring and documentation in operations.
GE goes electric
General Electric has committed to buy 25,000 electric vehicles over the next five years for its own fleet and to lease out to global customers through GE Capital. The US conglomerate will initially purchase 12,000 General Motors electric vehicles, beginning with the Chevrolet Volt in 2011, and will later add other manufacturers cars
HSBC quits train leasing
HSBC has agreed to sell its train leasing business for £2.1bn (2.4bn) to a private equity consortium formed of STAR Capital Partners, 3i Infrastructure and Morgan Stanley Infrastructure Partners. Eversholt owns a third of the UKs rolling stock, and derives its revenue primarily from long-term lease payments. Paul Gough, partner at STAR Capital, said: STARs investment in Eversholt reflects our strategy of supporting capital intensive businesses with strong cash flow visibility and downside protection
Bank-owned lessors face tough decisions on integration
Richard Carter, head of equipment finance at HSBC, said, at Leasing Lifes annual conference in Milan, that lessors will need to have a clear idea of their parent banks strategy for a successful integration to take place. Leasing companies will need to set their expectations, explaining to their banking colleagues the value that leasing can add, and then deliver it, he added.