Siemens Financial Services Agrees to Sale of Single Invoice Factoring Operation to...

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

DOWNERS GROVE, Ill.--(Business Wire)--
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 GBP 1,000 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.

Bibby Financial Services
Jennie Wills
Tel: 630-493-3106
Email: jwills@bibbyusa.com
www.bibbyusa.com

Copyright Business Wire 2008