All articles by Claire Hack
Claire Hack
EIB funds Italian SME leasing
The European Investment Bank is to provide credit lines worth 400million each to Italian banks UniCredit and Intesa Sanpaolo, to be passed on to small and medium-sized enterprises in Italy. At Intesa, the credit line will be managed by Leasint, its leasing subsidiary, and Mediocredito Italiano, which specialises in SME financing.
Toussaint to leave CAL&F
Olivier Toussaint is to leave his position as CEO of Crdit Agricole Leasing and Factoring as part of a major management reshuffle. Toussaint is to become head of coverage and investment banking at Crdit Agricole CIB under the banking groups Commitment 2014 strategic plan, which includes achieving net banking income of 40bn by 2014.
New business up at Mercedes
The Daimler Financial Services subsidiary saw new business in leasing and vehicle financing hit 8.5 billion in the year to end December 2010, as well as a decrease in the cost of risk.
Ince & Co poaches DLA Piper partner
Law firm Ince & Co has taken on DLA Piper partner Stephen Marais as part of a bid to strengthen its London asset finance practice. While at DLA Piper, Marais, a specialist in banking and asset finance, had major involvement in ship financing for ship-owners and international banks
VR Leasing turns a profit
German SME lessor VR Leasing returned to profit in the year to end-December 2010, despite a fall in the number of new contracts signed. Profit before tax was 5 million in 2010, compared to a loss of 16.7m the year before, thanks to a reduction in loan loss provisions, which fell 29.7 percent to 82.3m, down from 117.1m
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BNP signs vendor deal with HP
BNP Paribas Leasing Solutions has teamed up with Hewlett Packard Financial Services to support investment inHP technology by small and medium-sized enterprises. To launch in the UK and France, the scheme will see BNP Paribas Leasing Solutions engage with HP retailers to offer finance to their SME customers
New hires at Hogan Lovells
International law firm Hogan Lovells has taken on two new partners at its London banking practice to strengthen its asset finance activities Robert Fugard and Simon Gwynne join the practice from Linklaters asset finance team, a month after the appointment of capital markets partner Denis Dillon.They begin work on 1 May Fugard is currently head of the asset finance practice at Linklaters, and co-head of transport and logistics, focusing on big-ticket equipment financing, especially in aviation, shipping and Islamic finance
Moves at MAN Finance
German truck lessor MAN Finance International has taken on Elliot Lennick as vice-president of international sales management Lennick will be responsible for international key account business, as well as all market-led activities outside Germany All heads of MAN Finance in countries where the company is present will report directly to Lennick.
Smaller funders to target SMEs
Bank-owned lessors are set to be overshadowed by smaller lenders and those from overseas, the chief executive of the UKs National Association of Commercial Finance Lenders has said. Adam Tyler, chief executive of the NACFB, said high street banks were likely to turn away from leasing and more towards mainstream funding for SMEs.
Metal working not for tourists
Mostly large machine tools such as such as drills, laser cutters and CNC machines, they are often immobile and have residuals that can be hard to determine and to realise.