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December
Bibby International Trade Finance has provided a factoring facility to a Colorado plastics company in order to meet increased demand.
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Poland’s Kredvt Bank has implemented the Comarch Factoring solution.
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German law firm KAHB has changed its name.
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Mvela Holdings has acquired a majority stake in Merchant Factors, the largest factoring company in South Africa.
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An Arizona-based cabling company, undergoing chapter 11 proceedings, has secured a factoring deal from Bibby Financial Services.
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China Export Finance (CEF) has been awarded a licence to carry out factoring in China.
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November
ANZ Vietnam has been given permission by Vietnam’s central bank to offer domestic factoring in Vietnam.
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The UK factoring arm of Hitachi, Hitachi Capital Invoice Finance, has appointed a new head of sales.
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In a white paper Venture Finance says invoice and asset based lending should drop its alternative finance label and be considered mainstream.
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Venture Finance has rolled out an export factoring solution for Progressive Die Components, reflecting the difficulties faced by companies in accessing financing from traditional lenders.
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Punjab National Bank has partnered with FIMBank this week for a new joint venture in India - the first step of a much wider global expansion by the specialist trade finance bank.
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October
Intesa Soditic has hired a key trade finance banker from ICBC’s London office to help develop the firm’s forfaiting desk.
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Fimbank has teamed with local partner Romfactor to enter into the Romanian factoring market.
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ABC International Bank has signed a trade finance deal for Jaguar Land Rover to support its exports into the Middle East and North Africa.
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Eurofactor UK has announced it has changed its name to Crédit Agricole Commercial Finance.
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September
Arab Banking Corporation International has appointed a new head of European trade finance.
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Photos from the International Forfaiting Association’s annual general meeting in Rome are now online. Please follow the link to see the photos.
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A joint drafting group between the International Forfaiting Association (IFA) and the ICC has completed its first two meetings to help establish the rules behind forfaiting.
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The International Forfaiting Association (IFA) has elected three new board members and chosen a new chairman.
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Punjab National Bank enters factoring and investment banking with two new subsidiaries.
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August
Places are still available to attend the International Forfaiting Association’s (IFA) 10th anniversary conference in Rome at the start of September.
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The UK’s Venture Factors has launched a fast track factoring process.
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Botswanan Kingdom Bank Africa’s subsidiary Kingdom Finance is to offer project financing, invoice discounting, short-term project finance and supplier guarantees to help SMEs find financing.
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CIT Group is providing its trade finance unit with one-third of the $3 billion it obtained from bondholders in an effort to continue to meet client needs.
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July
The UK’s Asset Based Finance Association (ABFA), previously known as the Factors and Discounters Association (FDA), has elected a new chairman.
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Finacity has executed a trade receivables securitisation for a trust that has acquired Cemex receivables on a non-recourse basis.
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Lloyds has extended a back to back receivable financing arrangement to Ultimate Finance Group, the UK factoring SME provider.
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Deutsche Bank has signed loan to China’s Bank of Qingdao for forfaiting purposes.
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June
ANZ Bank has announced it is closing its discount invoicing division for SMEs in Australia.
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Cementing the lead
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Keeping the client happy
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May
Japanese trade bank Sumitomo Mitsui Banking Corporation (SMBC) is to lose half of its forfaiting team as part of a restructuring process.
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Bibby Financial Services has arranged an accounts receivable facility and purchase order contract for a Toronto-firm to fund future orders and expand overseas.
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April
Bibby Transportation Finance has signed a receivables facility for an Indiana-based trucking company.
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After posting record results for 2008, Deutsche Forfait is facing difficulties on the placement side but sees hope in higher margins.
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Drinks Americas Holdings has entered into a purchase order and receivable financing agreement with Premier Trade Solutions to free additional funds through working capital.
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March
Malta-based FIMBank, has reported record profits for 2008 through its clear focus on international trade, and has announced the issue of 7% subordinated bonds maturing 2012-2019.
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Deutsche Bank has announced senior appointments for trade finance and cash management corporates business unit in Asia.
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DF Deutsche Forfait sees its profits for 2008 increase by 9% on 2007.
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February
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Coface Credit Management North America has named ARFactor, as its sales agency for trade receivables financing in the Mid-Atlantic region.
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January
The EBRD has outlined its response to the credit crisis with proposals to enhance its Trade Facilitation Programme (TFP), including the provision of cash facilities, new forms of guarantees and greater flexibility within the programme.
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Commerzbank has been named as the most active confirming bank in 2008 at the European Bank for Reconstruction and Development's(EBRD) Trade Facilitation Programme awards presentation held today in London.
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The State Bank of India (SBI) has announced that it will merge its two subsidiaries SBI Factors and Commercial Services (SBI Factors) and Global Trade Finance Ltd (GTFL).
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Evette Orams, director of Hilton-Baird Financial Solutions, part of the Hilton-Baird group of companies, discusses how factoring can be utilised by exporters to explore new markets.
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Hilton-Baird to identify potential users of RiskFactor in the nascent Polish factoring industry.