Investec Asset Finance plans to almost double its business portfolio by 2014.
The broker-led funder, which currently writes around £350m of new business each year, reasserted its commitment to market in response to ING Lease’s withdrawal from the UK which will leave a potential £1.7bn funding gap. Investec intends to increase its portfolio from its current £540m to £1bn over the next two years.
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Mike Francis, head of Investec, said: "Following the announcement by ING Lease (UK) Ltd that it will cease writing new business in the UK asset finance market from 30 November 2012, Investec Asset Finance has today confirmed its continued commitment to the market for broker-introduced asset finance."
ING Lease announced it would leave the UK market last week despite being a profitable business because the division was no longer deemed strategically viable by its Dutch parent group.
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