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Article: Siemens Financial Services Agrees to Sale of Single Invoice Factoring Operation to Bibby Financial Services Group.
- Article from:
- Business Wire
- Article date:
- April 23, 2008
CopyrightCOPYRIGHT 2008 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DOWNERS GROVE, Ill. -- Siemens Financial Services ("Siemens") has sold its single invoice factoring business to the UK based Bibby Financial Services Group. The deal has been completed for an undisclosed sum.
Over the course of 2007-8 Siemens Financial Services undertook a review of the single invoice factoring operations of Siemens Financial Services. While this business has performed well, a strategic assessment has determined that their single invoice discounting business, where a niche position has been built over many years, no longer resides as a core offering. The transaction will include the entire portfolio of clients and employees relating to the single ...