Lloyds Bank Business & Commercial Banking has combined its commercial card and invoice finance teams under a new senior appointment, the lender said in a statement.
James Sykes will serve as the business and commercial banking’s head of invoice finance products while retaining his current position as head of commercial cards.
The invoice finance product and commercial card teams will be brought together under his leadership, unlocking new opportunities for cross-team collaboration, product innovation and growth.
In his new role, Sykes will be responsible for Lloyds Bank’s full range of commercial card and invoice finance products – ranging from traditional card services to cutting-edge virtual solutions and single to whole-book factoring and discounting.
Sykes has led Lloyds Bank’s commercial cards team since 2017. Prior to joining Lloyds Bank in 2013, he was head of Barclaycard’s UK-wide large corporate commercial card sales division.
Chris Loring, managing director, lending and working capital, Lloyds Bank Business & Commercial Banking, said: “James’ appointment demonstrates our intent to grow and strengthen our card and invoice finance propositions to respond to increased needs from our clients in this space.
“James has a strong track record, with a particular focus on delivering exceptional client outcomes. It is an exciting time for our team and I’m looking forward to working with James, as we continue to develop new, market-leading propositions that help clients better manage their working capital and, ultimately, turbocharge their growth.”
In March, Lloyds Bank announced a new partnership with fintech Satago to deliver the first end-to-end digital single invoice finance and whole-book invoice factoring solution on a single platform offered by any UK bank. To reflect the strengthening of the partnership, Lloyds Banking Group invested £5m in Satago in exchange for a 20% equity stake.
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