Close Brothers Asset Finance is expanding its operations into Germany, where it will offer funding solutions tailored to Germany’s SME market, commonly known as the ‘Mittelstand’.
First reported by Leasing Life in January, the bank said it would offer finance to German print and construction industries, as well as industrial equipment and materials handling firms.
The Germany team, which will be headquartered in Mainz, will be led by managing director, Michael Vander, and head of credit, risk and compliance, Bruno Oestreicher. They will join another Close Brothers subsidiary, Close Brothers Factoring, which has been active in the German market since 2003.
Vander is an asset finance professional with over 20 years’ experience in the industry. His background includes sales and sales management; business development and general management, both nationally and internationally. Since joining Close Brothers Asset Finance GmbH in April 2015 he has been responsible for preparing the business’s entry into the German market.
Oestreicher joined Close Brothers Asset Finance GmbH in early 2016, bringing with him 30 years of international credit experience. His role has focused on advising the business on financial regulation, ensuring Close Brothers Asset Finance GmbH operates within the German finance regulator’s (BaFin) agreed frameworks.
“Following extensive research, we’ve learned that there is clear and strong demand for asset finance products in Germany,” said Vander. “In the UK, Close Brothers Asset Finance has a proven track record of success, having worked in partnership with the UK and Ireland’s SMEs since 1987 to further their growth ambitions.
“Because we understand that no two businesses are the same, our industry specialists work closely with our customers to provide tailored finance solutions that fit the individual requirements of the sectors in which we operate, whether it is a sole trader or a large scale operator.”
In addition to expanding the business, Vander is also focusing on recruiting further qualified asset finance professionals to drive and develop Close Brothers Asset Finance GmbH’s offering in the German market.