New team will help find funds for listed companies and
large private firms.
Clydesdale & Yorkshire Bank Corporate & Structured
Finance (CSF) has expanded its services with the launch of a new
corporate asset finance team.
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The new service will provide
funding for a wide range of assets to mainly listed companies and
large privately owned businesses.
Previously the bank provided asset
finance to small, medium and large businesses. The new team will
focus solely on the large corporate clients to ensure their
specific funding needs are met.
The needs of smaller businesses
will continue to met by existing teams.
Ian Barr, head of Clydesdale &
Yorkshire’s existing asset finance function, will lead the new team
and is joined by Iain Corbett and Gordon Young as directors and
Neil Roberts and Peter Burton as associate directors.
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By GlobalDataAll four new recruits moved from
Fortis Lease UK, the asset finance company owned by BNP
Paribas.
Fortis Lease has been winding down
business since the French bank assumed control in 2008, although it
continued to write new retail motor finance business until the
beginning of this year.
The Corporate & Structured
Finance arm of Clydesdale & Yorkshire, which is owned by the
National Australia Bank Group, said in a statement it will offer a
full suite of traditional asset finance products as well as having
a loan and mortgage capability for use in the marine and aviation
markets.
Typical transactions, the bank
said, will be in the £1m to £25m (€1.1m to €28m) range and each
transaction will be structured to match the asset lifecycle and the
client’s repayment capability and can include, for example,
seasonal or staged payments and agency arrangements.
Assets the corporate team will fund
include vehicles, plant and machinery, manufacturing equipment,
aircraft, and marine vessels.
CSF divisional director Paul
Shephard said: “The launch of our corporate asset finance service
recognises that larger companies often have more complex finance
requirements.
“It allows us to build on our existing relationships with
corporates and provide a service tailored to their needs.”
