All articles by Fred Crawley
Fred Crawley
Chinese oil giant sets up leasing JV
Chinas largest oil company will set up a leasing business, China Business News has reported. According to the publication, China National Petroleum Corp (CNPC) has been given regulatory approval to roll out Kunlun Financial Leasing (KFL), a joint venture with Chongqing Machinery and Electronics Holdings. CNPC will hold a 90 percent stake in Kunlun, after providing 582 million of its 647 million starting capital
Investec buys Universal and Leasedirect
Investec Asset Finance has expanded its presence in the UK broker market dramatically, acquiring the lease portfolio of Universal Leasing, as well as a majority stake in introducer Leasedirect Finance (LDF). The acquisition of a 75 percent share of LDFs capital will give Investec access to the valuable Professions Finance market, while allowing LDF to continue growing as a broker in its own right.
Opportunities in AF for Birmingham firm
Birmingham-based law firm Blakemores Solicitors is looking to take on more work in the asset finance sector, as rising business insolvency levels have seen more and more lessors turn to legal advice when faced with client failure. Recent developments at the firm have included a training course for leasing staff explaining the processes and rights of lenders involved in different kinds of insolvencies, plus a hotline through which lessors can seek immediate advice upon a client going into administration. Edward Flanagan, head of the firms asset finance practice, said that the industry had become much more proactive with regard to looming insolvencies, and that Blakemores had increased its offering to match this.
Looking for trouble
Pre-lending reviews, turnaround funding and early warning systems Fred Crawley discovers how there are more ways than ever for lessors to avoid the pain of client insolvency. As the leasing industry cottons on to the need to spot client distress as early as possible, companies specialising in business recovery and restructure have begun offering their services as an early warning service for lessors. Turnaround lender Gordon Brothers is in talks with a lender about such a programme, while advisory firm and intermediary Vantis has seen a big increase in the number of funders looking to have portfolios reviewed for possible trouble ahead.
Pressing concerns
Despite Lombards partial withdrawal from the print finance market as well as recent print insolvencies, there are still opportunities for those willing to risk exposure
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Ryder signs UK’s first electric HGV lease deal
Truck lessor Ryder has delivered a 10-tonne Smith Newton truck to distribution and outsourcing group Bunzl, after signing a pioneering 10-year contract hire agreement believed to be one of the first lease deals for an electric HGV in the UK.
Trumpf sees continued success with SG partnership
Machine tool and laser manufacturer Trumpf is enjoying sales aid success through its expanding leasing operation, which includes dedicated leasing subsidiaries in addition to an international vendor partnership with SG Equipment Finance. A later Swiss subsidiary, Trumpf Finance Schweiz, was set up to provide customer finance in the Baltic region, Bulgaria and since 2009 Russia.
Ready, set, go
HSBC Equipment Finance may be concentrating on its parents expansion in the UK, but as its IT systems are built up to take on more business with more efficiency, Fred Crawley suspects that this odd one out among high street lessors will soon start to punch above its well-capitalised weight.
Good news and bad news
Close Asset Finance (CAF) has posted a profit of £13.3 million (15.1 million) for the year leading to 31 July 2009, down 12.6 percent down on the previous years total of £15.2 million.
HSBC: £2 billion rail sale looming
HSBC is to sell its train leasing business, HSBC Rail, for a price of £2 billion Australian financial services group Macquarie and investment giant JP Morgan are understood to be interested in making the purchase as a joint venture, while Star Capital is also in the bidding.