Clydesdale & Yorkshire Bank Corporate
& Structured Finance (CSF) has expanded its services with the
launch of a new corporate asset finance team.
The new service will provide funding for a
wide range of assets to mainly listed companies and large privately
owned businesses.
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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, who is 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.
All 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.
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By GlobalDataThe 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 £1 million to £25 million 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.
Paul Shephard, divisional director of
Clydesdale and Yorkshire Bank CSF, 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.
“The new service also highlights the continued
growth of Clydesdale and Yorkshire Bank CSF.
“Having become established as a key player in
acquisition finance, we have also built a solid reputation in the
corporate arena and over the past two years have participated in
refinancing arrangements for some of the UK’s best known names.
“The launch of corporate asset finance follows
that of corporate real estate as we continue to develop our
offering.”
grant.collinson@vrlfinancialnews.com
