£51m facility for LDF

The British Business Bank has announced a £51 million facility to LDF, a non-bank finance provider, to fund a portfolio of newly originated small business asset finance receivables. The transaction, which is 50 percent guaranteed by the European Investment Fund, is the second of the British Business Bank’s ENABLE Funding programme (the first being Hitachi Capital), which aims to increase significantly the supply of leasing and asset finance to smaller businesses in the UK.

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Could leasing catch its death?

The doing away with tax relief for interest expense on corporate debt would have a devastating effect on UK leasing companies, as well as lessees with operating leases parsing their lease rentals into interest expense and capital when the new lease accounting takes hold, and of course private equity companies which finance their acquisitions with debt. But why start scaremongering when the scenario above isn’t likely ever to happen?

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FLA launches vulnerable customer programme

The Finance & Leasing Association (FLA) has begun a programme of work to help its members identify and support vulnerable customers.
FLA members already work hard in what is a notoriously difficult area of customer service. The plan is to create an information hub to capture and share good practice across the industry, including topics like Powers of Attorney and Data Protection. 

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UTB Board appointment

United Trust Bank has announced the appointment of Jonathan Ayres who joins the Bank as Chief Financial Officer (“CFO”). He was most recently the CFO of C. Hoare & Co, and previously CFO of specialist fund manager Ecofin. His other roles have included Head of Finance at Cazenove Capital Management, and equity analysis at Goldman Sachs.

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Basel hope for Challengers?

The Basel Committee on Banking Supervision has issued a Second consultative document on Revisions to the Standardised Approach for credit risk, inviting comments by 11 March 2016. One of its proposals is for those using the standardised approach to apply a lower risk weight of 85% for exposures to SMEs . .

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New Masters in Leasing

Falmouth University has launched an MA Leasing and Asset Finance, designed and delivered via a mix of distance learning, academic supervisors and industry mentors, in association with non-profit organisation The Leasing Foundation . .

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Close buys Finance for Industry

In an interesting move that showed the private equity players that theirs is not the only game in town, Close Brothers Asset Finance (“CBAF”) has bought Finance for Industry (“FFI”), a leading specialist finance broker for the engineering, print, plastics and machinery sectors. FFI also owns Finance for Industry Services Ltd, an insurance sales operation with a net worth in 2014 of £22k. No purchase price has been publicly disclosed, though 2014 accounts for FFI show . .

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Paragon integrates leasing acquisition

Paragon Bank has announced its integration of the former Five Arrows leasing group into the bank. Five Arrows Media Finance, formerly known as Fineline Media Finance, has rebranded to Paragon Bank – Technology Finance. Five Arrows Business Finance rebranded to Paragon Bank - Business Finance. Five Arrows Outsourcing Solutions has now rebranded to Paragon Bank - Outsourcing Solutions.

 

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IASB officially issues new Leases Standard

The International Accounting Standards Board® has at last officially issued the new Leases Standard, IFRS 16. The RBS investment headline news yesterday, "to sell everything," is not thought to be a reaction to the new Leases standard coming into force . .

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Two new car leasing ideas

At the 2016 Detroit Auto Show, Ford revealed two new programmes that could affect car leasing, one a car-sharing via group-leasing pilot for the main Ford brand, and a mileage-management function for Lincoln models . .

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IFRS16: Trade associations react

Commenting on the publication of IFRS 16, the International Accounting Standards Board’s (“IASB”) new leasing standard, Simon Goldie, Head of Asset Finance at the Finance & Leasing Association (“FLA”), said, “We remain concerned that the Standard could put an additional burden on lessees and potentially deter some of them from using leases.

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IASB chief comments on Leases standard

Hans Hoogervorst, Chairman, IASB talked about the new IFRS 9 and Leases standards as part of his introductory comments to the European Parliament in Brussels.

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Shawbrook Business Finance appointment

Shawbrook Group plc (“Shawbrook”), has announced that Simon Featherstone has joined the as Managing Director of the Business Finance division, which comprises the Shawbrook’s existing Asset Finance and Business Credit businesses. Simon Featherstone was formerly Global Chief Executive of Bibby Financial Services . . .

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Locke Lord lands leading Lawyer

Joanne Davis, who has built a highly regarded practice representing clients in matters focused on asset finance, motor finance, leasing and consumer credit, has joined Locke Lord’s London office as Partner and head of the Firm’s UK Asset Finance, Leasing and Consumer Finance Division

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Leases Standard Due Date

The staff of the International Accounting Standards Board® will hold two live web presentations on the new Leases Standard on 13 January 2016, the day the Standard will be issued. There will be one presentation held in the morning and one in the afternoon. Both presentations will provide an overview of the new requirements, followed by an opportunity for participants to ask questions. Each presentation, including Q&A, will last approximately 45 minutes.

There is no charge to listen to the web presentation but a registration is required. To register for the webcast, click on one of the “Register” links that follow.

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Stand up and be counted

We know that many firms operating in the UK asset finance industry do charitable events each year, raising money for a wide variety of deserving causes. What we’d like to do is start to get a handle on which companies are involved, which charities are favoured, and how much the industry contributes to charity, in total, in a year. In order to start the ball rolling . .

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Private Equity and Leasing

Private Equity and the leasing market
The announcements of private equity investments in the UK leasing sector, and rumours of further announcements, seem to be coming thick and fast, such as the latest Cabot Square backed LDF and First Independent Finance tie-up. But how do these investments get decided, is it just a word in the ear from an industry guru that identifies a potential target, or is every private lessor and broker in the UK being secretly scrutinised as we speak?

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Highbridge completes on CIT Vendor

Highbridge Principal Strategies (“HPS”) has completed its acquisition of CIT Vendor Finance (UK), a leading UK vendor finance company. As part of the acquisition, HPS has incorporated CIT Vendor Finance into its Pan European Asset Company (“PEAC”) . .

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Latest Leasing World magazine online

Heres the latest Leasing World magazine, in Online format, for you to enjoy  http://flk.bz/RFUL

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Anyone for AFSU?

The British Bankers’ Association (“BBA”) is to merge with Payments UK, the Council of Mortgage Lenders (“CML”), the UK Cards Association, and in due course the Asset Based Finance Association (“ABFA”). The idea is to cut costs for its members, and increase lobbying power, but hurdles remain to the merger becoming actual. For example, someone has to stump up the £15 million estimated cost of redundancies, disruption, etc, some associations affected will need to get their members’ consent to it, and lawyers will need to opine on the legal risks of merging with the BBA when it has a series of class actions over the Libor rate-rigging scandal lined up against it.

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FLS phased out

Paul Lynam, CEO, Secure Trust bank, says that November’s announcement to gradually phase out the Funding for Lending Scheme (“FLS”) over two more years, rather than shut it off completely this January, “evidences a tangible willingness by government to work with the challengers,” as it helps to level out the playing field between the big banks and the challengers.

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Leaseurope launches SME Roundtable

Leaseurope is launching a series of roundtable meetings across Europe to discuss leasing as a key source of finance for SMEs. The aim is to explore the national SME financing landscape and improve the understanding of leasing as a valuable form of investment finance, as well as identifying any potential obstacles hindering its use by local SMEs and how these could be tackled at national and ultimately European levels . .

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New International CEO at Bibby

Independent business funder, Bibby Financial Services (“Bibby”), has announced that Steven Box has taken on the role of International Chief Executive Officer. In addition to Bibby’s European businesses, as of 1 January 2016 he is responsible for operations in Canada, USA, India, Hong Kong, Singapore and Malaysia . .

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dll sale rumours

It has been widely trailered in the Dutch and international press that Rabobank Group is in preliminary talks with banks, institutional investors and private-equity firms that may bid for its leasing unit, De Lage Landen International BV, in a sale that may fetch as much as €4.5 billion, according to various sources.

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Leaseurope appoints Leon Dhaene

Leaseurope, the trade association representing the European leasing and automotive rental industries in Europe, has announced that its Board of Directors has unanimously appointed Leon Dhaene as Director General effective 1 December 2015. Leon Dhaene succeeds Tanguy van de Werve who left Leaseurope to join AFME, the Association for Financial Markets in Europe, to head their Brussels Advocacy Office.

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LeasePlan world leader

LeasePlan Corporation N.V has reached a record level of 1.5 million vehicles worldwide, a landmark it considers as confirming its global market leadership . .

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A small community, a very big business

How much does it cost to get into a highly paid career in leasing, that has a touch of glamour about it? There is a way, so how might one go about it? 

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Don’t try fiddling leases in Vietnam

In Vietnam, the HCM City People's Court has handed down death penalties to two former executives, one a leasing executive, for embezzling the equivalent of approximately $5.2 million and abuse of power while running state leasing companies.

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Sword Apak’s 3rd Italian win

Agos Ducato (a subsidiary of Credit Agricole Consumer Finance) has become Sword Apak’s third Italian based client to date. Expanding its wholesale operations in Italy by introducing main dealers into its business portfolio, Agos needed a robust platform to support its expansion plans. Having reviewed the options, it selected Sword Apak to implement its state-of-the-art Wholesale Floorplanning System (WFS) v6. This is the second implementation for Sword Apak under the Credit Agricole umbrella with Netherlands based bank Ribank already a well-established WFS client . .

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Car paranoia for legal eagles?

Supposing a firm leases a fleet of cars from a lessor, and overnight all those cars have to be recalled for the same fault. The usual lease agreement says the lessee has to keep paying whether the asset is available to use or not. 

But what if the lease is through the car manufacturer’s leasing captive?

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They should have googled it?

Did Google google their new name Alphabet before adopting the new handle? Because within a few hours of receiving the Google Alphabet announcement, our editor’s office received a terse email from Munich saying, “As being reported in the media, Google has founded a holding company called Alphabet. The website www.alphabet.com is owned by BMW Group . .

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GE $8.5bn healthcare sale

GE has announced the $8.5 billion sale of GE Capital Healthcare Financial Services to US bank Capital One. This is less than the $10-$11 billion mooted in the press from “people close to the matter” just three or four weeks ago.

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Watch out: Uber’s understood leasing

Most people have heard of Uber, and know what it is - it’s a taxi service that’s given traditional taxi companies a lot to think about. But actually, Uber says it’s something different to that, Uber says it’s an App, and the App is now creating its own leasing company . .

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Leaseurope head moves on

The Association for Financial Markets in Europe (“AFME”) has announced that Mr Tanguy van de Werve has been appointed as Managing Director, Advocacy, and Head of its Brussels office. AFME is, of course the same organisation joined by Jacqueline Mills last year, in the London office, after her many years as Leaseurope’s expert on the complex areas of lease regulation, capital allocation and accounting. Most leasing people would ask, “What is AFME?”

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LeasePlan finally sells

LeasePlan Corporation N.V. has been sold, subject to relevant authority approvals, to a consortium of long-term investors that includes leading Dutch pension fund service provider PGGM, Denmark’s largest pension fund . .

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Latest Jobs

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Sales Manager – Poland – Warsaw location – Vendor IT Finance – Salary to €80,000 , OTE to €130,000 totally uncapped earning potential - Robinson Toms Recruitment
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Senior Case Managers – Property Development Finance – City of London – to £55,000 base salary ( possibly more ) & 10% of salary bonus & all bank benefits - Robinson Toms Recruitment
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Business Development Manager – Corporate LCV & HGV supply & hire services – West or East Midlands possibly Bristol area applicants – base salary to £40,000 OTE £60,000 + high quality company car choice , private health car & generous pension 10% + of sal - Robinson Toms Recruitment
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J1833 - Asset Manager, IT and Office Technology - UK, SE Eng - Asset Finance - New Leaf Search
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J1863 - UK Sales Director, Agriculture Finance - UK, Flexible (S Eng Pref) - Asset Finance - New Leaf Search
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