Siemens Financial Services Agrees to Sale of Single Invoice Factoring Operation to Bibby Financial Services Group

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 invoice factoring operation. Such is the niche position which this operation holds within the Siemens business there is no cross over into any other business units or operations.

Jonathan Andrew, Chief Executive of Siemens Financial Services, said, "We are delighted that Bibby Financial Services have agreed to purchase our single invoice factoring business. They have an excellent reputation for delivering the highest levels of client service and we feel that they will work with our clients to ensure the future success of their business."

The Bibby Financial Services Group has in recent years embarked on a challenging growth strategy driven by a unique business model designed to ensure it delivers a market leading service to clients.

"Over the coming weeks, we will be working together to ensure the smooth integration of this operation, both clients and employees into Bibby Financial Services. We look forward to working with our new clients to ensure the continued success of their businesses."

Notes to Editors

Bibby Line Group is a business-to-business services group involved in ship owning and operation, shallow water accommodation, offshore oil field services, contract logistics, financial services, memorial parks, employment law and health and safety advisory services, and retail.

Bibby Financial Services is a world wide, marketing leading specialist of business cash flow solutions to small and medium sized enterprises. Their product portfolio includes receivable finance, factoring, export finance, purchase order finance, and specialist solutions for the staffing and trucking sectors.

Operating via a global network of 29 autonomous operating companies in the United States, Canada, the United Kingdom, France, Germany, India, Ireland, Poland, Czech Republic, Slovakia and Australia the group purchased more than $6 billion dollars of receivables and had more than 7,000 clients worldwide.

For more information on Bibby Financial Services, visit www.bibbyusa.com, www.bibbycanada.ca, www.bibbytf.com, www.bibbystaffingfinance.com, www.bibbyfinancialservices.com.

For more information on The Bibby Line Group of Companies, visit www.bibbygroup.co.uk.

About Siemens Financial Services Limited

Siemens Financial Services is a leading provider of innovative finance solutions to UK businesses and public sector organisations. With more than 250,000 customers Siemens has arranged finance for 90 of the current FTSE 100 companies and more than 50% of NHS trusts and local authorities. Siemens' unique heritage enables it to offer its customers a compelling combination of industrial, technological and financial expertise.

The business provides solutions ranging from PS1,000 to many millions for a diverse range of financing needs, including equipment and asset finance, treasury services and working capital finance. It is active in a wide range of markets including healthcare, public sector, professions, IT, telecoms, office equipment and vehicles amongst many others. For many years the company has run highly sophisticated vendor finance programs, underpinned by ease-elease, its highly innovative online lease tool.

With offices throughout the UK, Siemens Financial Services has more than 260 employees and is headquartered in Stoke Poges, Buckinghamshire. The company's global headquarters is in Munich, Germany and it is present in more than 30 countries. For more information please visit www.siemens.co.uk/financialservices.

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