All articles by Claire Hack
Claire Hack
Artisan touch shapes sector
Claire Hack discovers that while woodworking assets may be unspectacular, they are stable. Woodworking machinery represents a solid investment for funders, with steady demand even during the economic crisis Residual values are relatively stable and levels of bad debt have not been especially high.
Profits up at BNP
BNP Paribas Equipment Solutions grew revenue by 25.5% to 1.5bn in the year to 31 December 2010, up from 1.2bn in 2009 The equipment solutions division of French bank BNP Paribas incorporates Arval, BNP Paribas Leasing Solutions, and various rental activity. Revenue rose by 16.9% at constant scope and exchange rates, thanks to a strong rebound in used vehicle prices, 4% growth of the companys financed automobile fleet, and continued strength in leasing.
Lenders target SMEs
Bank-owned lessors are set to be overshadowed by smaller lenders and those from overseas in the SME market, the chief executive of the UKs National Association of Commercial Finance Brokers (NACFB) has said.
VR Leasing turns a ?5m 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 5m 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.
Mercedes-Benz Bank portfolio holds steady, risk cost down
Profits were boosted in 2010 at the vehicle finance and leasing specialist, as cost of risk decreased Mercedes-Benz Bank achieved a5% increase in new business volumes in vehicle financing and leasing during 2010.
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GE Capital in 4Com vendor deal
GE Capital has signed a vendor finance agreement with 4Com Capital, a UK provider of business telephone systems The agreement is aimed at fuelling growth in 4Coms sales to UK SMEs through GE Capitals iManage Leasing extranet platform. The platform will provide the company with access to near real-time credit decisions on more than 90 percent of all equipment leasing applications.
Barclays Corporate signs health care deal
Barclays Corporate has signed a deal to provide £2.5 million (2.8m) of funding to BMI Syon Clinic to equip its new clinic in Brentford, London The funding, arranged through the companys specialist Healthcare and Asset Finance teams, will fund imaging equipment for the clinic, a joint venture between BMI and a group of physicians George Fergusson, relationship director at Barclays Corporate, said: This deal represents our continued commitment to providing funding for new developments in the healthcare sector.
Higher profits for Siemens FS
Siemens Financial Services reported a strong uplift in profit for 2010, helped by better bad debt and interest results. Income before tax rose 47% to 447m in the year to 31 December 2010, up from 304m in 2009 A recovery in commercial finance, driven by significantly lower additions to loss reserves, and higher interest results, was given as the explanation.
CSI moves into medical
IT lessor CSI Leasing is to extend its UK offering to begin financing medical equipment, ranging from MRI scanners to beds. The move comes following the appointment of corporate leasing manager Alison Seddon-Wright, a medical equipment specialist. The lessor, headquartered in St Louis, Missouri, joined the leasing framework for UK health service procurement body NHS Supply Chain in June last year.
ABN AMRO Lease grows NBV
Dutch lessor ABN AMRO Lease has reported growth in new business of 20 percent to 970 million for the year to 31 December 2010 It was a good year in terms of new business, Robert Peterson, director of strategy and innovation, said.