Credit Lyonnais Bank Nederland, confirming the departure of Frans Afman as a consultant to the board, says it will continue its role in the entertainment industry with Patrick Bastin as head of the entertainment business division, a position that he took over from Afman in 1988.
Noting in a statement from Rotterdam that it was involved in the financing of some 50 films in 1990, the bank indicated it is projecting a similar number for 1991. The bank’s statement apparently stems from reports that it is cutting back on its entertainment loans and is concentrating on well-financed independents.
A number of Los Angeles-based indies have said that Credit Lyonnais is being more careful and is maintaining tighter controls and sharing the risks with other lenders.
According to the bank, its current roster of borrowers includes Castle Rock Entertainment, Vision, Sovereign, MGM, Majestic, Carolco and Cinergi. Largo Entertainment, although not listed as a client, is understood to be negotiating a revolving credit line with Credit Lyonnais in conjunction with a group of Japanese banks.
Though his consultancy agreement with Credit Lyonnais ends June 30, Afman – who handed in his resignation in late December – has indicated he will step down March 1.