All articles by Grant Collinson
Grant Collinson
UK brokers split on 2012 success
UK brokers are split on whether they will have placed more asset finance business this year than last.
Business grows but debt pay-off continues to thwart profit at CIT
CIT Vendor Finance, the leasing division of US-headquartered CIT Group, has reported a third-quarter pre-tax loss of $57m, contributing to a $182.2m loss for the first nine months of the year.
Profit and business volume up at Cat FS
Caterpillar Financial Services (Cat FS) has reported a 17% year-on-year profit increase and 22% growth in new business for the third quarter of the year.
S&P cuts its outlook for LeasePlan
Ratings firm Standard & Poors has revised down its outlook for Netherlands-headquartered fleet lessor LeasePlan from positive to stable.
FLA seeks clarity on lending schemes
The UKs Finance & Leasing Association is meeting with recently appointed government ministers to seek clarity on the role of asset finance in the governments credit easing schemes.
Subscribe to our Newsletter
Get industry leading news, data and analysis delivered to your inbox
Cassiopae and Deloitte join Leaseurope
The two service providers are the latest to join the European leasing trade bodys membership area for non-leasing companies which work with the industry. The companies follow UK-based remarketing firm ERC Asset Solutions and Romanian leasing software company TotalSoft, both of which joined in January.
NACFB becomes UK “super-broker”
UK broker body the National Association of Commercial Finance Brokers (NACFB) has signed a partnership with the Federation of Small Businesses (FSB) to provide a UK-wide introduction channel for small businesses seeking finance. The partnership, formalised this week after nine months of negotiations between the two bodies, will see the FSB pass on credit inquiries from its 200,000 plus membership to the NACFB to pass in turn to its members. Leasing Life understands the NACFB would make a preliminary assessment of all the deals passed on from the FSB and the forward it on the appropriate broker by region, specialism or suitability.
Lending to legal firms boosts business for Syscap
IT finance provider Syscap has reported a 40% earnings boost in its latest annual results, helped by nearly 30% growth in business volume in the professional services sector. The report for the UK firms financial year 2012, which ended 31 March, showed the companys EBITDA grew 40% to £1.47m from £1.05m in the previous reporting period. Syscap saw total new business up 6% year-on-year to £121.7m, with 29% growth in lending to the professions sector predominantly to small- and medium-sized legal firms.
Quartz Finance appoints vendor consultant as director
Harding joined the broker, which specialises in technology, renewable energy and aviation finance, in April 2011 as a consultant with expertise in developing vendor finance programmes for the IT sector. Since joining the UK-based company, Harding has developed client relationships in the UK and the Nordic region and helped expand the business across EMEA.
Volksbanken must sell stake in VB Leasing
Austrian bank Volksbanken will be forced to sell its 50% stake in leasing subsidiary Volksbanken (VB) Leasing as part of a state bailout package. The bank, which was bailed out by the Austrian state in April with a 1.25bn capital injection and 3bn in liquidity guarantees, is required to sell its stake in VB Leasing by 2014 as part of European Commissions regulatory approval of the rescue package. Under the restructuring plan imposed by the Commission, Volksbanken must cut its balance sheet by more than 10bn and also sell its 51% stake in its Romanian banking subsidiary by the end of 2015 and a minority stake in Raiffeisen bank.