making a fresh start. Last month it closed its Bellevue Finance Ltd
and Motor Contracts businesses (see Siemens to close Bellevue and Motor
Contracts). Now, along with the rest of Siemens Financial
Services, it is embarking on a new course aimed at increasing the
amount of its parent’s business which it finances.
and 10 percent – largely because the arm’s core business is
financing copiers, IT and reprographic equipment, while Siemens,
the parent, manufactures largely different equipment (gas turbines,
heavy plant and equipment, trains).
There are some crossovers, however. Siemens FS has financed
equipment manufactured by Siemens Enterprise Communications, and
also medical equipment. A spokesman made clear the drive towards
financing Siemens’ assets will not be to the detriment of existing
areas.
Also, a syndication team run by Steve Ellison, also chief risk
officer, has been set up to finance pan-European assets. Most of
them will be on a project finance basis, it is understood.
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While this business leverages SFS UK balance sheet, James
Gearey, head of the UK leasing arm, said it “has its own P&L”.
Ellison reports to Jonathan Andrew, SFS’ European head.
All this follows some minor restructuring by Gearey of the UK
financing business, which has a portfolio worth some £500 million
(€536 million), including the merging of IT and operations into a
single division headed by Richard Olver, and the widening of the
remit of Ellison to include asset management on top of credit,
indemnity, collections and recoveries.
Despite last month’s department closures, the future looks rosy
for Siemens FS in the UK as it embarks on a new business plan that
will stand alongside an existing, firmly established model rooted
in public sector leasing, vendor finance and broker sourced
business.
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