Washington Mutual Finance Corporation (WMF) is the wholly-owned consumer finance subsidiary of Washington Mutual, Inc. (WM). The company, formerly known as Aristar, was acquired with Great Western Financial. Recently, WMF has benefited from several new senior management additions, who have been instrumental in reinvigorating the franchise. With $3.2 billion in assets, WMF is part of the broader WM with $186.5 billion in assets. As WM works to change its balance sheet mix away from residential mortgage loans, WMF will play a key role in helping the company achieve those goals. The recent name change effective March 2000, is part of the company’s efforts to grow, leveraging off the WM name and advertising budget. Performance has been very good and is expected to remain so throughout 2000. WMF returned 2.3% on managed assets during 1999. The company has also maintained a conservative balance sheet. The loan portfolio is 51% secured by real estate with the remainder (40%) personal loans and (9%) sales finance. Management is emphasizing real estate secured loans to be the growth vehicle for the company. The total portfolio is only 2.27% 60+ days contractually delinquent. As of March 31, 2000, NCOs were 2.80%. Reserves are solid at 3.4% of managed receivables. Both capital and liquidity levels are good. Debt to tangible equity of 6.1x (as of March 31, 2000) is expected to increase to 6.5x by YE2000. The company has a $700 million commercial paper program with a $1.2 billion fully committed back-up facility.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.