reduce broker business in the UK, confirming that it intends to
make cuts to the list of brokers with which it will do
business.
Commercial and Indirect Business division, said that Lombard had
“reviewed its extensive introducer network in the UK, and will
continue to support a substantial network of high quality
introducers.”
He added that Lombard was still “committed” to increasing
lending to the SME sector during 2009, and said that the changes
would “enable Lombard to keep a significant presence in the
market.”
The decision will not affect Lombard Vehicle Management (LVM),
which is undergoing significant investment in its broker business
during 2009, having won the NACFB’s “best motor finance provider”
award three times in the last four years.
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Speaking to Motor Finance magazine in December, LVM
head Rob Bailey said “Our strategy is different from other major
leasing providers. Brokers make a significant contribution to our
overall fleet size, and while our competitors are moving away from
the small business activities brokers typically cover, we are
actively investing in them”.
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