Updated 20/05/2014
Metro Bank has launched the Metro Bank SME Finance brand, following its August 2013 acquisition of SME Invoice Finance and Asset Finance.
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According to the bank, Metro Bank SME Finance will provide invoice discounting, factoring and cash-flow funding for its SME and entrepreneur clients across the UK.
Jason Oakley, managing director of Commercial Banking at Metro Bank, credited the move with strengthening the bank’s offering to its business customers: "As a champion of small businesses and entrepreneurs, we have both a strong appetite to lend and are committed to delivering fast, flexible funding with unparalleled levels of service."
John Wilde, director at Metro Bank SME Finance, expressed his delight at the launch of the new brand and website.
Speaking to Leasing Life, Wilde said the bank’s decision to move into asset finance was motivated by a desire to meet customer needs.
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By GlobalData"Since Metro Bank launched in 2010, we’ve experienced huge levels of growth, and as an entrepreneurial brand ourselves, we understand and support the journey that many of our business customers are currently on," he explained.
"Metro Bank made the decision to acquire SME Invoice Finance in 2013 after evaluating the needs of its business customers," he said, "it recognised that asset based lending, including leasing, hire purchase facilities and invoice financing would enhance its offering for business customers by providing them with extended financing options.
He said the extension of the bank’s service had been "welcomed by both new and existing customers."
"There is no doubt that the market demand for asset finance continues to grow as this form of finance plays an increasingly important role in providing the much needed working capital to fuel business growth; helping to drive recovery across the broader UK economy."
He concluded: "In terms of objectives for 2014, we’re committed to continuing to increase our lending to business customers of all sizes. The creation of Metro Bank SME Finance is a great milestone that allows us to offer an enhanced Metro Bank proposition to our customers.
