Hitachi Capital Business Finance, a division of Hitachi Capital (UK) Plc, is to rebrand as NOVUNA Business Finance by April 2022, the company said in a press release.
The move will coincide with Hitachi Capital (UK) Plc changing its legal name to Mitsubishi HC Capital UK Plc, following the merger earlier this year of Hitachi Capital Corporation with Mitsubishi UFJ Lease and Finance Company Limited, forming Mitsubishi HC Capital Inc.
In a statement, the company said the change indicates “an evolution from a manufacturing-based heritage to a new global financial powerhouse with the scale and expertise to drive change for business partners and consumers”.
Novuna is a combination of the Latin words Novo (new) and Una (together).
“Having a trading style that is short, memorable and engaging will allow us to make a seamless transition as we enter an exciting new era for our business,” said Geoff Maleham, managing director of Hitachi Capital Business Finance.
“Adopting our new brand name represents our outlook as a forward-thinking business, responding to evolving customer expectations by providing innovative solutions, including credit automation.
“Through the range of financial products we offer, we’re committed to providing outstanding service and building on the relationships we have established by working together with our network of introducers.
“As the fifth-largest asset finance provider in the UK, increasing our market share year on year, the Novuna brand provides our business with a clear point of differentiation whilst leveraging the funding capability of our new multi-national parent company.”
Each of the other business divisions within Hitachi Capital UK will also operate under Mitsubishi HC Capital UK PLC’s Novuna trading style, including Novuna Consumer Finance, Novuna Personal Finance, Novuna Vehicle Solutions and Novuna Business Cash Flow (previously Invoice Finance).
The European division will adopt the Mitsubishi HC Capital trading style, as part of its collaboration with the parent company, Mitsubishi HC Capital Inc, the company said.