People’s United acquires VAR Technology Finance

People's United Bank has acquired private independent leasing company VAR Technology Finance. VAR will now become a division for People’s United’s operating subsidiary LEAF Commercial Capital. VAR Technology Finance supports equipment sales through its financing programs within the technology channel for small, medium and large technology manufacturers, software companies and resellers. It is headquartered in Mesquite, Texas.

People’s United acquires VAR Technology Finance

Jan 21, 2019

People's United Bank has acquired private independent leasing company VAR Technology Finance. VAR will now become a division for People’s United’s operating subsidiary LEAF Commercial Capital. VAR Technology Finance supports equipment sales through its financing programs within the technology channel for small, medium and large technology manufacturers, software companies and resellers. It is headquartered in Mesquite, Texas.

US equipment market confidence trends downwards

Overall confidence in the US equipment finance market continues to fall according to data from the Equipment Leasing & Finance Foundation. Its monthly confidence index for the equipment finance industry (MCI-EFI) eased further in January to 53.4, a decrease from the December index of 55.5. MCI-EFI survey respondent Thomas Jaschik, president, BB&T Equipment Finance, said, “I believe economic conditions in 2019 will be less favorable than 2018. As such, I expect the equipment finance industry to continue its growth, although at a lesser pace than the prior two years. Excess market liquidity will continue to adversely impact margins and will have a long-term impact on industry profitability. Creativity and efficiency will be key to future success.”

US equipment market confidence trends downwards

Jan 21, 2019

Overall confidence in the US equipment finance market continues to fall according to data from the Equipment Leasing & Finance Foundation. Its monthly confidence index for the equipment finance industry (MCI-EFI) eased further in January to 53.4, a decrease from the December index of 55.5. MCI-EFI survey respondent Thomas Jaschik, president, BB&T Equipment Finance, said, “I believe economic conditions in 2019 will be less favorable than 2018. As such, I expect the equipment finance industry to continue its growth, although at a lesser pace than the prior two years. Excess market liquidity will continue to adversely impact margins and will have a long-term impact on industry profitability. Creativity and efficiency will be key to future success.”

Hitachi Business Finance new hire

Hitachi Business Finance has recruited Greg L’Herault to its business development team, with responsibility for attracting new asset-based lending, syndication, and factoring clients across the US. L’Herault is based in Denver, Colorado, and is responsible for scaling the company’s growth plans by connecting with business owners and trusted advisors.

Hitachi Business Finance new hire

Jan 21, 2019

Hitachi Business Finance has recruited Greg L’Herault to its business development team, with responsibility for attracting new asset-based lending, syndication, and factoring clients across the US. L’Herault is based in Denver, Colorado, and is responsible for scaling the company’s growth plans by connecting with business owners and trusted advisors.

EMEA

Paragon expands finance offering to soft assets

Jan 21, 2019

The asset finance division of UK lender Paragon has expanded its offering to include soft assets ranging from IT to office equipment. The service adds to its existing support for traditional hard assets and reflects the changing nature of business finance, according to the company.

Americas

Equitable Group buys Canadian equipment leasing specialist

Dec 20, 2018

Canadian challenger bank Equitable Group has reached an agreement to acquire Bennington Financial Services, a growing privately-owned company serving the brokered equipment leasing market in Canada. Bennington was founded in Oakville, Ontario in 1996 and has developed a strong market position in non-prime equipment leasing. It has a portfolio of more than $400 million of leases managed by a team of 125 professionals. The lender finances a wide range of assets with a focus on transportation, construction and food service equipment, has long-tenured relationships with professional leasing brokers throughout Canada, and has developed a specialist approach to adjudication with emphasis on lease structure, security and re-marketability.

Asia Pacific

Santander builds ties to support China’s $900bn Belt and Road initiative

Apr 12, 2018

Santander and Bank of Shanghai have announced a strategic alliance as part of China’s Belt and Road initiative, one of the world’s biggest infrastructure projects. The memorandum of understanding between the two banks will focus on Europe and Latin America elements of the Chinese-led project to connect its mainland, the ASEAN countries, the Middle East, and Central and Eastern Europe via road and maritime routes. The initiative is set to be the defining legacy of Xi Jinping, China’s president, which has already attracted world leaders to discuss how the initiative will develop.