RBS-backed savings and lending bank Shawbrook Bank has been linked to a takeover of Singers Asset Finance.
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Shawbrook, which is part-funded by RBS Equity Finance, launched in October 2011 with the stated intention of lending £250m in secured loans and commercial mortgages to UK SMEs over the next year. Shawbrook has no branch network and operates with introducer partners.
The bank was said to be in exclusive negotiations to acquire Singers Asset Finance by Sky News city editor Mark Kleinman who cited sources close negotiations which are being run by financial advisory Collins Stewart Hawkpoint.
Kleinmans sources suggested a £70m figure to acquire Singers Asset Finance and Australias Macquarie bank and US private equity firm JC Flowers have also been linked to the negotiations
Singers Asset Finance is divided into two separate arms: Singers Corporate Asset Finance which lends against most equipment and vehicles and Singers Healthcare Finance which specialises in leasing medical equipment and has several contracts with NHS Trusts.
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By GlobalDataBoth Shawbrook and Singers Asset Finance declined to comment to Leasing Life on the speculation.
Shawbrook rebranded from RBS Equity Finance acquisition Whiteaway Laidlaw in late 2011 following the purchase of secured lending company Link Loans. Its board has definite asset finance pedigree in chief executive Owen Woodley who was previously deputy chief executive of motor lender Moneyway.
grant.collinson@vrlfinancialnews.com
