Lombard
Ex Barclays director takes the helm at Lombard Paul Lynam
has stepped down as head of asset finance at Lombard after three
years in the post.
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He has been replaced by Alex Baldock,who has joined from
Barclays Commercial Bank, where he was commercial director.
Lynam, who has been appointed chief executive of the UK Business
banking Division of RBS, recently centralised most of Lombard’s
sales staff. He managed to maintain Lombard as Europe’s biggest
lessor despite challenges from the likes of UniCredit Leasing.
Lombard has stubbornly retained its long held position as
exclusively a UK-focused business, and like the retail arm of RBS
has not invested in continental Europe. Prior to joining Barclays,
Baldock worked for 13 years as a management consultant at various
organisations, including Bain & Company and Ernst & Young.
He has also acted as senior strategy advisor at the BBC
and to Michael Portillo during his tenure as Shadow Chancellor
between 2000-2001.
Baldock has no experience of asset finance.
Lynam’s predecessor, Chris Sullivan, headed Lombard for about
five years just after RBS took over Lombard as a result of its
acquisition of National Westminster Bank in 2000.
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By GlobalDataSullivan, who left Lombard to join RBS Insurance, which at time
of going to press was reportedly no longer up for sale, began the
process – which was later enhanced by Lynam – of integrating
leasing subsidiaries either into RBS or into Lombard.
Sullivan, for instance, announced that it had entered into an
agreement to acquire, subject to certain preconditions,
International Aviation Management (CI) Ltd and its Irish subsidiary
IAMG Europe Ltd (together IAMG) for an undisclosed sum in April
2001 and roll it into Lombard.
In recent months Lynam transferred the 32-strong sales force of
Lombard Vehicle Management to the lessor’s main business hub. The
transfer of LVM’s sales staff to Lombard’s wider corporate sales
operation was part of the bank’s strategic move to create one point
of contact for all Lombard corporate clients.All sales activities
for LVM were rolled into Lombard’s corporate division, overseen by
Jon Bowers, head of regional corporate asset finance.Also, about 18
months ago, Lombard established a broker unit.
Lombard continues to target SMEs with turnovers of up to £25m,
as well as larger scale businesses. The latter operation is managed
by Richard Priestman.
