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In The Marketplace

By ALM Staff | Law Journal Newsletters |

De Lage Landen Financial Services of Wayne, PA has announced that Steven R. Riggs has joined the company as vice president and general manager of its Financial Institutions Strategic Business Unit. He will be responsible for overall general management of the Financial Institutions SBU, including operations, originations, marketing and new business development. The business unit is the primary provider of small business leasing services to the U.S. banking industry. Prior to joining De Lage Landen, Riggs served as vice president, national accounts for the express Financial Solutions Division of GE Capital.

El Camino Resources (ECR) of Woodland Hills, CA has announced the completion of its corporate realignment and is rebuilding its leasing business, as well as expanding its high technology services in the United States. Once the largest independent leasing company in the world, ECR was forced to reduce the scope of its business and activities in late 2000. This reduction was imposed by its lead bank, following a roll up of several of ECR's banking relationships into the lead bank and the Federal Reserve tightening during calendar year 2000. El Camino has since successfully settled all of its obligations and has emerged in Mexico and the United States with leasing and technology services business units. In Mexico, the company went through a 12-month period of reduced activity, but is now a leader in independent leasing, having forged relationships with a number of leading banks in Mexico, and negotiated a $20-million line for leasing. In calendar year 2003, the Mexican operation achieved bookings for its own account of more than $20 million in new leased assets. This year, the company has extended its reach with new partnering programs and expects to book in excess of $50 million in new lease receivables.

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