chairman of the International Factors Group (IFG). I am personally committed to working with the other members of the IFG to ensure the industry’s voice is heard in the UK and globally. And on behalf of Venture Finance, and the wider ABN AMRO Group to which we belong, I anticipate continuing to help our clients refinance and grow their businesses with our flexible portfolio of ABL products. Peter Ewen
Managing Director USA
Bibby Financial Services, USA Since entering the USA market in 2001 Bibby Financial Services USA has successfully grown to include six offices across the country and a diverse portfolio of products for small to mid- sized companies. Our USA portfolio includes receivables finance, purchase order finance, export receivables finance, and specialty products for transportation. We are also an approved lender for the export-import bank’s working capital guaranty delegated authority program. The global economic crisis hit the USA
particularly hard, and it is still struggling with a weak housing market and double-digit unemployment rates. At the worst of the recession, bank funding was extremely hard to come by. The USA government has since developed programs and strategies to free up money to lend to businesses, but accounts receivables financiers and factors are still in demand with companies that are struggling to find financing.
Leigh Lones
BFS USA has helped many of the small and mid-sized firms find funding despite the sluggish economy and has, with the help of the acquisition of FreightCheck, doubled its client numbers this year. Much of the growth stems from providing cashflow solutions to key factoring sectors such as transportation, temporary staffing and apparel. Our export business also has grown significantly as the USA makes a push to grow its economy by doubling exports over the next five years.
Overall, 2010 has been a year of growth
for BFS USA, and one in which factoring has gained traction in the marketplace. With an experienced management team and support from Bibby Financial Services Group, we expect 2011 to bring continued success and new opportunities that help small and mid-sized companies thrive in an uncertain economy. Leigh Lones CEO
IFG Support Services
United Kingdom Atlantic Risk Management The surge of activity in 2009 gave way to a more transactional deal flow in 2010. This has been reflected in the approach taken by lenders to new business. We have seen extended deal lead times and more intensive levels of diligence. Unsurprisingly, given the enhanced risk environment, there has been a greater emphasis on live client support, maintenance and retention. Following the high attrition rates and write-offs that occurred in 2009 we have seen a more stable and less dynamic lending environment in 2010. With lender impairment levels now running at low levels, there are signs that new business activity is improving. We are seeing increased activity in the
US as the ABL industry appears to be at a different point in the cycle. Our predictions are that 2011 will be more dynamic but we are still some time away from the new normal.
Joanna Bennett-Coles Managing Director
I have the best job in the industry, writing about a topic that is close to my heart and travelling the world to meet like minded people. I should like to thank those who have taken the trouble to help me in compiling this review.
Editor
HSBC UK Invoice Finance is first to achieve Quality in Credit Management accreditation
H
SBC Invoice Finance (UK) Ltd has become the first factoring company to be successfully accredited with a Quality in Credit Management award from the Institute of Credit Management (ICM). The achievement of the QiCM accreditation is testament to HSBC’s commitment to providing high levels of service and efficiency across all of its credit management functions. Steve Box, managing director of HSBC Invoice Finance (UK), said: “Gaining this accreditation is a significant achievement
particularly as at HSBC we are leading the way within the industry. We are all extremely proud of this award which demonstrates the quality of our team and processes and our ability to deliver excellent service. “As businesses see an increase in turnover coming out of recession, professional and effective credit management is vital, and the QiCM award is an important statement of our expertise and ability to support clients in these areas.”
In order to gain the accreditation HSBC Invoice Finance (UK) Ltd has been rigorously assessed in all aspects of credit management
Business Money
from the opening of accounts, processing of invoices, relationship-based credit control and the receipt and allocation of payments. The assessment covered both the domestic and international aspects of HSBC’s business. Philip King, chief executive at the Institute of Credit Management, said: “This accreditation recognises the commitment of HSBC’s Invoice Finance team to professionalism, efficiency and their acknowledgement of the need to constantly improve and innovate what is offered to their customers. They should be proud of what they have achieved and the example they are setting in their sector.”
November/December 2010 93
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