Aldermore has created a new asset-based
finance division led by Ian Wilkins, group managing director, asset
finance and invoice finance.
The UK bank has grown asset-based lending
quickly this year, helped in part by the acquisitions of Heritable Asset Finance in
March and Absolute Invoice Finance
(AIF) in January. Wilkins previously worked for AIF.
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Aldermore’s lending to SMEs totalled £302
million during the second quarter of 2010.
Philip Monks, Aldermore, chief executive,
said: “Our strategy since launch has been to couple fairly priced
and transparent products with a personal approach to the SMEs we
lend to. Ian, with his considerable expertise in business
banking and commercial lending, helped make that formula work.”
George Ashworth will continue as managing
director of Aldermore’s asset finance division, reporting to
Wilkins. Aldermore is at present recruiting for a managing director
of invoice finance.
The bank, established in 2009, claimed to have
one of the highest tier 1 capital ratios of any UK bank and to be
unencumbered by high levels of arrears or bad debts.
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