US import finds fame and fortune in UK

Article Abstract:

Companies involved in invoice discounting and factoring are represented in the UK by the Association of British Factors and Discounters. These companies have enjoyed a boom in the 1990s and have improved their image. Factoring volume has increased to 26.9 billion pounds sterling in 1994 from 4.4 billion pounds in 1984. Companies carry out careful analysis of debts prior to a commitment. Bigger companies tend to have easier access to cash so the service tends not to be used by firms with a turnover of above 50 million pounds annually.

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Banks cash in on a profitable niche

Article Abstract:

Banks are becoming involved in factoring in the UK. There are 12 large factoring firms in the UK and 8 of these are owned by major banks. International Factors was set up in 1960 and is a Lloyds Bank subsidiary. It is the largest UK factoring company in terms of trading volume. Invoice discounting is growing more rapidly than factoring and is usually used by companies with a turnover of more than 2 million pounds sterling. Companies benefit from a broadening of finance sources, but overdrafts are not likely to disappear.

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Clearing banks shape up and slim down

Article Abstract:

The large UK clearing banks operating in Manchester, England, have undergone reorganizations. The banks are emphasising relationship banking, and Midland Bank argues for empowering its branches. This means greater autonomy for some branches. Customer confidence is not strong and real interest rates are high. Employment is improving but this is not always reflected in clients' views. NatWest holds a stake of some 28% in the market of the North West of England, ranking first in this market.

Commercial Banks, Banking industry, Economic aspects, England, Manchester, England

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